19 November 2018

Commercial Property Management

Professional and efficient management throughout Sussex

Hunt Commercial's approach to managing property is not a prescriptive one and we tailor each proposal to a client's needs, however, our core service includes:

- Full financial administration

- Service Charge administration

- Lease Management

- Tenant Database Management

- Risk Management

For all our clients we will ensure that we will adhere to RICS’ nine new mandatory requirements (in effect from April 2019):

Professionals involved in the management of service charge accounts must act in accordance with the following principles:

  1. All expenditure that the owner and manager seek to recover must be in accordance with the terms of the lease.
  2. Subject to section 4.2.7, owners and managers must seek to recover no more than 100% of the proper and actual costs of the provision or supply of the services.
  3. Owners and managers must ensure that service charge budgets, including appropriate explanatory commentary, are issued annually to all tenants.
  4. Owners and managers must ensure that an approved set of service charge accounts showing a true and accurate record of the actual expenditure constituting the service charge are provided annually to all tenants.
  5. Owners and managers must ensure that a service charge apportionment matrix for their property is provided annually to all tenants.
  6. Service charge monies (including reserve and sinking funds) must be held in one or more discrete (or virtual) bank accounts.
  7. Interest earned on service charge accounts – or where separate accounts per property are not operated, a proper and reasonable amount of interest calculated on normal commercial rates – must be credited to the service charge account after appropriate deductions have been made.
  8. Where acting on behalf of a tenant, practitioners must advise their clients that if a dispute exists any service charge payment withheld by the tenant should reflect only the actual sums in dispute.
  9. When acting on behalf of a landlord, practitioners must advise their clients that following resolution of a dispute, any service charge that has been raised incorrectly should be adjusted to reflect the error without undue delay.

Source: Service Charges in Commercial Property, RICS professional standards and guidance, UK, 1st edition, September 2018.

If you require further information on our Property Management services please contact Paul Henry on 01323 700100.