An RICS Information paper on commercial property service charge handover procedures has been published on the BPF website. The information paper is aimed at property owners, property managers and legal advisers. Its intention is to set out a series of procedures to be applied during the service charge handover period on the sale of investment property. Of course, it has no contractually binding force and is merely an attempt to state best or normal practice – although whether it does is for the reader to decide. Service charge handover procedures are invariably dealt with in investment sale agreements by way of express provision or, by default, by virtue of Standard Commercial Property Condition 8.3.6. Those drafting contracts may wish to check that their clauses are consistent with the suggested statements of principle set out in the information paper.
Property PSL