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New RICS code of practice on service charges (SUPERSEDED)
Practical Law UK Legal Update 1-203-1853 (Approx. 2 pages)
New RICS code of practice on service charges (SUPERSEDED)
by Author: PLC Property
| Law stated as at 28 Jun 2006 • England, Wales |
The RICS has published a new code of practice, RICS code of practice: Service Charges in Commercial Property (2006 version) intended for surveyors practising in England and Wales. The objectives of the code are to:
- Prevent services charges being an area of conflict.
- Deliver service charges that can be accurately forecasted and budgeted for as part of occupiers' overheads.
- Ensure service charges are "not for profit, not for loss".
- Encourage transparency and communication over service charges.
The code will supersede the Guide to Good Practice and will come into effect for service charges commencing on or after 1 April 2007.