20th March, 2014
Service Charges for Commercial Property
The RICS Code of Practice for the operation of service charges in commercial property has recently been updated in a Third Edition. The Code is of importance to managing agents as it could be material in relation to performance of their duties. Leases may be drafted on the basis that service charges comply with the Code.
The changes in the Third Edition relate to:-
• Allowing a wider range of costs to be included in a service charge account and still be Code compliant;
• Generally the Code is less prescriptive in the way it is drafted;
• The parties are encouraged to consider carefully how changes as a result of tenants alterations will affect service charge arrangements;
• Some principles are suggested if the Carbon Reduction Commitment Energy Efficiency Scheme applies.
For more information on this please contact Emma McGlinchey on 01244 405567 or email [email protected].
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