This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Government seal of approval for RICS Code of Practice

07 April 2009

RICS Code of Practice for Service Charge Management published this week has received Government approval from the housing minister, Iain Wright MP, as an "effective tool in driving up management standards in the leasehold property sector."

Housing minister Iain Wright said: “I am pleased to be able to approve the new RICS Service Charge Residential Management Code,” . “This code will be an effective tool in driving up management standards in the leasehold property sector, and is part of the overall action we are taking with industry to improve service and information for consumers in the home buying and selling process.”

The code of practice, first published in 1997, has been updated to incorporate the provisions of the Commonhold and Leasehold Reform Act 2002 (where implemented). It will apply to all leasehold properties where a service charge is payable, and the landlord is not a public sector authority or Registered Social Landlord (RSL).

This Code promotes good practice in management of residential leasehold property, and provides a basis for determining how management should be undertaken including legislative requirements and good practice, such as:
 Service charges, ground rent & administration charges
 Accounting for other people’s money
 Reserve funds
 Accounting for service charges and auditing of service charge accounts
 Contractors and repairs
 Insurance
 Provision of information
 Complaints about property managers

“Successful management can only be achieved through cooperation and a mutual understanding of the procedures necessary for the effective management of property as well as of the problems that can arise,” says RICS member Gerry Fox FRICS. “The Code is, therefore, intended to be read by landlords, tenants, occupiers and managers of leasehold property and managing agents. Whilst we understand there are cost implications of managing residential properties to the standard specified by this Code, the benefits in terms of improved service and the level of satisfaction should make any additional cost worthwhile in the long run.”


Contact Details and Archive...

Print this page | E-mail this page

https://www.fsifm.com/en-gb/


MOST VIEWED...

View more articles
Article image

PFM Partnership Awards 2020 finalists announced

The list of PFM Partnership Awards 2020 finalists was published at the end of last week, signalling the opening of this year's judging process....
Article image

FM Marketplace launched by CCS

Buyers of FM services from the government and the public sector have been provided with a new online procurement marketplace by the Crown Commercial Servic...
Article image

Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the r...
Article image

Workplace Continuity will be the special feature for PFM August issue

Following the series of special features included in PFM magazine since the start of the Covid-19 UK lockdown, the August issue will include a special feat...

Benchmarking maintenance

BSRIA has just published this year's operation and maintenance benchmarking report as a guide for building operators to evaluate their performance against ...
Article image

Salisbury launches new brand for next stage of growth

The facilities services company Salisbury Group today announces its new brand for the next stage of its growth story....
http://edition.pagesuite-professional.co.uk/Launch.aspx?EID=90a446e9-b640-4c4f-a33a-7895609807c4
Watch Sony’s webinar ‘Work After Lockdown’ on-demand now