The first edition of the Code set down a marker as to the standards of management required in commercial property and this new edition builds on that.
The second edition has been thoroughly reviewed and numerous minor amendments have been made to correct grammatical errors, improve consistency of wording throughout the document and to bring the document in line with RICS editorial guidelines.
The 3rd edition of the Code recognises occupiers must have a right of challenge. It is recommended that in the future all leases will contain Alternative Dispute Resolution (ADR) clauses that allow the parties to cost effectively settle disputes in service charge matters. Without doubt if the property industry is to deliver on its key objective of transparency enabling owners, managers and their customers to be aware of how service charge costs are derived then an independent and substantially larger benchmarking service will be the next step in this process.