RICS Draft Professional Standard: Service charges in commercial property a consultation [Electronic resource]
Language: English Series: RICS ConsultationPublication details: London, Royal Institution of Chartered Surveyors, 17 September 2024Description: 107pSubject(s): Online resources: Summary: The Royal Institution of Chartered Surveyors (RICS) has announced the launch of a public consultation for its Service Charges in Commercial Property professional standard, set to be released in its second edition. This vital update is aimed at commercial property managers, landlords, occupiers, and industry stakeholders across the UK, and seeks to gather your views to ensure the new edition reflects best practices in the management and administration of service charges, promoting greater fairness, transparency, and uniformity across the sector. The updated standard, due to launch in summer 2025, is designed to address key challenges in the management of service charges, including the timely issue of budgets and year-end certificates, and aims to reduce the causes of disputes between landlords and tenants. In cases where disputes arise, the standard will provide clearer guidance on resolution, fostering a smoother relationship between parties. The second edition of the standard will provide vital guidance for solicitors, their clients (whether owners or occupiers), and property managers. It will also assist in the negotiation, drafting, interpretation, and operation of leases, ensuring that they adhere to industry best practices. By updating this standard, RICS hopes to enhance clarity and transparency in commercial property transactions, helping stakeholders navigate complex service charge issues with greater confidence and less friction. RICS is calling on all those who work in the commercial property sector, including landlords, occupiers and legal professionals, to provide their feedback on the proposed changes. Consultation opened 17 September 2024 closes 29 October 2024.| Item type | Current library | Call number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|
| Online material | Virtual Online | iConsult (Browse shelf(Opens below)) | Available |
The Royal Institution of Chartered Surveyors (RICS) has announced the launch of a public consultation for its Service Charges in Commercial Property professional standard, set to be released in its second edition.
This vital update is aimed at commercial property managers, landlords, occupiers, and industry stakeholders across the UK, and seeks to gather your views to ensure the new edition reflects best practices in the management and administration of service charges, promoting greater fairness, transparency, and uniformity across the sector.
The updated standard, due to launch in summer 2025, is designed to address key challenges in the management of service charges, including the timely issue of budgets and year-end certificates, and aims to reduce the causes of disputes between landlords and tenants. In cases where disputes arise, the standard will provide clearer guidance on resolution, fostering a smoother relationship between parties.
The second edition of the standard will provide vital guidance for solicitors, their clients (whether owners or occupiers), and property managers. It will also assist in the negotiation, drafting, interpretation, and operation of leases, ensuring that they adhere to industry best practices.
By updating this standard, RICS hopes to enhance clarity and transparency in commercial property transactions, helping stakeholders navigate complex service charge issues with greater confidence and less friction.
RICS is calling on all those who work in the commercial property sector, including landlords, occupiers and legal professionals, to provide their feedback on the proposed changes.
Consultation opened 17 September 2024 closes 29 October 2024.