RICS has launched a consultation on a new draft professional statement on service charges in commercial property. Comments on the consultation must be received by RICS by 6 December 2017. The new professional statement will be effective from 1 April 2018 and it supersedes the 3rd edition of the RICS code of practice: Service charges in commercial property.
RICS continues to be concerned by the behaviour of certain landlords and managing agents in relation to the management and administration of commercial property service charges, especially, in one judge’s words, ‘those who act in a partisan spirit, supposing their only task is to recover as much money as they can for the landlord’.
The RICS’s new professional statement has more serious regulatory implications for RICS members and regulated firms.