RICS publishes second edition of professional standard on service charges in commercial property
The Royal Institution of Chartered Surveyors (RICS) has published the second edition of its service charges in commercial property professional standard. This updated standard, which is mandatory for all RICS-accredited professionals, is aimed at property managers and occupiers in the UK. It seeks to improve overall standards and promote greater transparency, fairness, and consistency in the management and administration of service charges across commercial properties. It also aims to ensure that budgets and year-end certificates are delivered in a timely manner and encourages effective dispute resolution. In addition, the standard provides guidance to solicitors, their clients (whether owners or occupiers) and service charge managers on the negotiation, drafting, interpretation and operation of leases, in line with best practice. The revised edition replaces the 2018 version and will come into effect on 31 December 2025.