On 1 April, 2019, a new RICS professional statement, Service Charges in Commercial Property, 1st edition, went into effect for members and regulated organisations in the UK. This sixth iteration of what is commonly referred to as the Service Charge Code sets out nine mandatory requirements, with a stated aim 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
- 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
At MRI Software, functionality that helps our clients adhere to the rules, regulations and legislations in their respective market sectors is a fundamental element of our comprehensive range of real estate technology solutions. As such, we have significant and proven experience in the UK supporting service charge processes across block management, retail and mixed-use portfolios – and provide a platform that enables your compliance.
In parallel to the new statement, across our multiple solutions for managing service charges, our latest software releases will include updated functionality to help you meet new obligations. Indeed, in some instances these are already available.
More information on these features, and details on software upgrades, is being, and will be, communicated to users of each product as part of regular updates. But, in the meantime, if you have any questions or queries then please contact your Account Manager via the usual channels.
We’re pleased and proud to offer continued support for our current and future clients managing service charges, and remain fully committed to delivering the software you need to ensure your business grows and flourishes into the future.
Learn more about our service charge management functionality in the UK here.