RICS Service Charge Code
The second edition of the RICS Code is now in effect (1st October). The foreword to the new Code says:
"Increased engagement with the legal profession is a key aspiration of the new Code. Whilst the Code cannot override leases we expect that as leases renew or new leases are granted that they are drafted to reflect what is seen as best practice and espoused by the Code."
The core principles of the Code cover the service costs, allocation and apportionments, certification, communication and consultation, duty of care, financial competence, occupier responsibilities, right to challenge/ dispute resolution, timeliness, transparency and value for money.
The City of London Law Society and Practical Law Company have draw up standard Code compliant clauses which are useful for solicitors.
For more information on this or for advice on any retail property issue, please contact: