New Royal Institute of Chartered Surveyors (RICS) rules come in to force shortly and set stricter guidelines on commercial landlords to ensure tenants are getting effective, value for money services. The rules also aim to make service charge budgets and actual expenditure more transparent. These new rules will be mandatory obligations for all RICS members and regulated firms.
Landlords will want to ensure that they are familiar with the terms of the new code so that they do not act in breach of its provisions and that their commercial leases are drafted appropriately to reflect these new rules. You can read more about the nine mandatory obligations here.
Even if you are not a RICS member, it is important to have your leases reviewed regularly to ensure they are up to date and not open to any potential loopholes which could cost you time and money.
Questions? We're here to help
Our commercial property team are experienced in dealing with complex commercial leases and commercial landlord/tenant issues, and can help you ensure your leases comply with these new service charge obligations.
Contact Paul Oldershaw in our Commercial Property team for a confidential discussion of your needs. You can call on 01603 620508 or email us.