The Royal Institution of Chartered Surveyors (RICS) has announced a new edition of Service Charges in Commercial Property, due to take effect from 1 April 2019.
The aims and objectives of this professional statement are to:
- Improve general standards and promote best practice, uniformity, fairness and transparency in the management and administration of services charges in commercial property
- Ensure timely issue of budgets and year-end certificates
- Reduce the causes of disputes and to provide guidance on resolution, and
- Provide guidance to solicitors, their clients (whether owners or occupiers) and managers of service charges in the negotiation, drafting, interpretation and operation of leases, in accordance with best practice.
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This professional statement sets a marker for the standards of management required in commercial property and provides mandatory obligations that RICS members and regulated firms engaged in this area must comply with.