Service charges in commercial property
This professional statement sets a marker for the standards of management required in commercial property. It has been endorsed by property bodies representing all sides of the property industry and widely acknowledged as a significant step forward for the property industry.
Its aims 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.
Although this document is a first edition PS it supersedes the previous 3 editions, which were published as codes of practice.