Royal Institution of Chartered Surveyors (RICS) meaning

In this issue: Key developments and horizon scanning Transferring property Property insolvency Property taxes Easements, rights and covenants Property in Scotland Leasing property LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts Trackers New Q&As Key developments and horizon scanning Leasehold and Freehold Reform Act 2024 The Leasehold and Freehold Reform Act 2024 (LFRA 2024), which gained Royal Assent on 24 May 2024 and featured in last week’s highlights, has now been published. Sections 113 (controls on remedies for arrears of rent charges), 117 (recovery of legal costs etc through service charge), 118 (repeal of section 125 of the Building Safety Act 2022) and 119 (higher-risk and relevant buildings: insolvency notifications) take effect two months after Royal Assent (24 July 2024). The rest of LFRA 2024 will commence by regulations to be made by the new government after the election. See: LNB News 04/06/2024 14. ...

In this issue: Property management Investigating title Environment, energy and buildings Residential property Statutory compliance Property in Scotland Property in Wales Transferring property Property insolvency Property taxes Additional property updates this week Daily and weekly news alerts Trackers New Q&As Property management Second edition of RICS service charge standard The Royal Institution of Chartered Surveyors (RICS) has released the second edition of its professional standard on service charges in commercial property. Compulsory for all RICS-accredited practitioners and aimed at UK property managers and occupiers, it seeks to lift standards and foster greater transparency, fairness and consistency in service charge management and administration. The revision addresses key challenges, including issuing budgets and year-end certificates promptly, works to reduce causes of disputes between landlords and tenants, and offers clearer guidance on resolving disagreements. It also aids the negotiation, drafting, interpretation and operation of leases, ensuring alignment with recognised industry best practice....

In this issue Key developments and horizon scanning Forfeiture Service charges Disputes and remedies Trespass and adverse possession LexTalk®Property Disputes: a Lexis®Nexis community Additional Property disputes updates Daily and weekly news alerts New and updated content Trackers Latest Q&As Key developments and horizon scanning The Leasehold and Freehold Reform Act 2024 secured Royal Assent on 24 May 2024, ahead of Parliament’s prorogation. The Department for Levelling Up, Housing and Communities confirmed this in a press release outlining the headline measures. See LNB News 28/05/2024 108. The Royal Institution of Chartered Surveyors has reacted to the passage of the LFRA 2024. RICS welcomes the Act for bringing greater certainty to leaseholders, landlords and the market, while noting lingering ambiguities and points of concern. See LNB 29/05/2024 75. Forfeiture A delay in returning rent did not amount to a waiver of the right to forfeit (The Tropical Zoo Ltd v The Mayor...

This Practice Note sets out the procedure for managing commercial service charge disputes, with reference to the mandatory requirements and best practice in the Royal Institution of Chartered Surveyors (RICS) professional standard, ‘Service charges in commercial property’ (Service Charge Standard). For guidance on the services a commercial landlord must provide and the expenses that may then be recovered, see Practice Notes: Commercial service charges—what is the landlord's liability to provide the service? and Commercial service charges—what expenses can the landlord recover? Service charge recovery—commercial versus residential Service charges in commercial property serve the same purpose as in residential settings: they allow a landlord to provide repair and maintenance services and reclaim the associated costs from a tenant. However, whilst residential service charges are regulated by extensive legislation (see Residential—statutory limitations on recovery of service charges and administration charges), the only statute that directly addresses commercial service charges is the six‑month time limit for claims against a former tenant under the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995),...

ARCHIVED: The third edition of the Royal Institution of Chartered Surveyors (RICS) Code of Practice, ‘Service charges in commercial property’—together with all earlier iterations—has been superseded by the inaugural RICS professional statement, entitled ‘Service charges in commercial property’, which is effective for every service charge period commencing on or after 1 April 2019. The professional statement sets out new compulsory duties for RICS members and RICS‑regulated firms, intended to make service charges for commercial tenants transparent, upfront and fair, and to ensure that any costs incurred in repairing or maintaining their buildings comply fully with the terms of their lease. Please note, therefore, that this Practice Note describes the historic position under the superseded third edition, for information and reference purposes only, and will not be updated further. See the Practice Note: A review of the RICS Professional Standard on Service Charges in Commercial Property (1st edition) [Archived] for additional guidance on the professional statement and the differences from the third edition. The third edition of...

This Practice Note outlines the professional indemnity insurance (PII) obligations for surveyors and valuation specialists, and provides detailed, practical direction on the Royal Institute of Chartered Surveyors (RICS) Minimum Terms and Conditions (MTC). Regulatory setting Who is the regulator? In the UK and Ireland, RICS acts as the independent regulator for surveyors and valuers across the profession. Is insurance compulsory for practice/membership? Under the RICS Rules of Conduct, every RICS‑regulated firm must maintain, at all times, ‘adequate and appropriate’ PII that satisfies standards expressly approved by RICS. What is the regulator’s rationale for having MTC? RICS cites three principal and clear grounds for its PII framework: To ensure that, when a firm faces a claim, it is shielded from financial losses it cannot satisfy from its own funds. To safeguard the insured member or practice against liability for damages payable to third parties arising from breaches of professional duty committed in the course of professional work. To make...