A new Professional Statement issued by RICS comes into force on 1st April 2019, setting a marker for standards of commercial property management.
The aims and objectives of the 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
The full Professional Statement can be downloaded here.
All RICS members and regulated firms engaged in property mamnagement must comply with the new guidelines.