The RICS has published a new edition of its practice code “Service Charges in Commercial Property”. It is intended to take effect from 1 October 2011 and it replaces the 2006 edition.
The new edition emphasises financial standards for those who administer service charges and provides views on best practice in dealing with apportionments. The Code is based on over 200 responses to an industry-wide consultation led by the RICS and is endorsed by leading industry bodies, such as the British Property Federation and Corenet.
A copy of the revised Code may be downloaded from their website or by visiting http://www.rics.org/uk/knowledge/more-services/library/library-enquiry-service/