Saturday, May 30, 2020

Commercial property tenants won’t be exploited after April 1st, says RICS

Landlords of commercial property will not be able to exploit businesses in Yorkshire and Humber through unfair and unclear service charges, thanks to a new professional statement that comes into effect from 1st April.

The Royal Institution of Chartered Surveyors has launched the statement – ‘Service charges in commercial property’ to ensure business tenants in the region gain access to transparent, upfront and fair costs for the maintenance and upkeep of their property, and that any charges incurred are in accordance with the terms of the occupational lease.

The requirements in the statement also call for any potential or future changes to service costs to be made clear and obvious to tenants at the outset, and that any costs not specifically mentioned in a lease will not be recoverable from the tenant. The professional statement provides guidance on more technical matters too, including the way in which service charge monies should be held within bank accounts.

All regulated firms must comply with the new requirements in the professional statement as of 1st April 2019.

RICS has worked with major property bodies representing owners, occupiers and managing agents – including BPF, BRC, BCO, PMA, Corenet, REVO, PMA alongside ICAEW and the Law Society, the professional bodies for accountants and lawyers – to produce the recommendations in the professional statement. Its balanced requirements reflect the needs and opinions of both landlords and tenants, and the specific considerations of different sectors.

Paul Bagust, RICS Global Property Standards Director said: “This professional statement offers best practice on ensuring occupiers are given clear and concise information on all of the service charges they can expect to pay up front. Therefore, it will help to better protect both landlords and tenants by avoiding costly – and often devastating – disputes over what can be a substantial business overhead.”

David Tudor-Morgan, Head of Retail Operations at British Land added: “These new requirements provide the industry with a clear and robust set of guidelines that equally benefit occupiers, landlords and agents.”

Help us maintain our standards of journalism

Readers enjoy our news site but keeping our news up to date and authoritative, without charging readers to view the site is a challenge. Especially now with the Corona Virus measures affecting us all, as many clients have been severely affected and are naturally reducing their spend on advertisements. Given this lack of revenue stream we are calling on the generosity of our readers to help us fill that void and enable our journalists to continue delivering the news that you enjoy.

Unlike many other news sites, we don't have annoying pop ups or charge scandalous prices for events. We also produce printed magazines for each title and we make these freely available to read on line too, for your enjoyment. Often, people have asked why we don't make a charge for viewers to read these magazines and news stories but we feel that would adversely affect our readership/advertisers response rate. But with advertising revenues now severely affected we need your help. So, if you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs from just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the current storm and continue in our quest to deliver quality journalism.

We value your readership and your support, as this enables us to continue to provide our regular daily news updates. We've been established over 30 years, during which we've lost count of the numerous recessions and financial meltdowns, and we intend to weather the storms caused by Covid-19. So, every reader contribution, however big or small, is invaluable in helping us to get through this. Please click here to help support your favourite news site/magazine.




Latest news

Channel 4 puts Leeds at centre of digital strategy

Channel 4 has this week unveiled plans for its Leeds-based in-house digital content studio, 4Studio, putting the city at the epicentre of its digital...

Bank cash sees biofuel supplier support NHS

A Barnsley-based biofuel supplier has secured six-figure funding to provide fuel to an NHS hospital during the continuing pandemic. The funding from HSBC UK will...

Pandemic sees business confidence plummet in Yorkshire

Business confidence in Yorkshire fell 12 points during May to a near-record low of -31%, according to the latest ‘Business Barometer’ from Lloyds Bank...

Harris CM begins contract to extend specialist engineering campus

Harris CM has started work on a contract to extend York College’s specialist motor vehicle and engineering campus. The contact will see the Yorkshire construction...

Gelder reveal its new ‘Can Do’ Commercial Division Leadership Team

The Gelder Group merged its Facilities Maintenance and Building and Major Contracts Divisions in 2019 to one ‘Commercial Division’ reporting in to Construction Director...

Safe working guidelines published for British businesses

BSI, the UK’s National Standards Body, has published new safe working guidelines to help businesses manage a safe return to work and reoccupation of...

Related news

Channel 4 puts Leeds at centre of digital strategy

Channel 4 has this week unveiled plans for its Leeds-based in-house digital content studio, 4Studio, putting the city at the epicentre of its digital...

Bank cash sees biofuel supplier support NHS

A Barnsley-based biofuel supplier has secured six-figure funding to provide fuel to an NHS hospital during the continuing pandemic. The funding from HSBC UK will...

Pandemic sees business confidence plummet in Yorkshire

Business confidence in Yorkshire fell 12 points during May to a near-record low of -31%, according to the latest ‘Business Barometer’ from Lloyds Bank...

Harris CM begins contract to extend specialist engineering campus

Harris CM has started work on a contract to extend York College’s specialist motor vehicle and engineering campus. The contact will see the Yorkshire construction...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close