Information Papers
RICS (The Royal Institution of Chartered Surveyors) has launched two new information papers to supplement the RICS Code of Practice: Service Charges in Commercial Property.
Service Charges and Tenant Alterations
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Service Charges and Tenant Alterations sets out the issues surrounding apportionment of service charges where a tenant makes alterations to a commercial property; the information paper includes points on all tenant alterations including mezzanine floors and the base position on apportionment of the service charge, whether the lease specifies the basis of apportionment or where the lease does not specify this. |
Sinking Funds, Reserve Funds and Depreciation Charges
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Sinking Funds, Reserve Funds and Depreciation Charges clarifies an area that is often fraught with financial and administrative difficulties; in particular it will assist with understanding arrangements on financial provision for future repairs or replacements under the terms of the lease. It deals with matters to be considered by owners, occupiers, managers and drafting solicitors including:
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