This professional statement sets a marker for the standards of management required in commercial property and provides mandatory obligations that RICS members and regulated firms engaged in this area must comply with. It has been endorsed by property bodies representing all sides of the property industry and widely acknowledged as a significant step forward for the property industry. This document is effective from 1st April 2019.

The aims and objectives of this professional statement are to:

• improve general standards and promote best practice, uniformity, fairness and transparency in the management and administration of services charges in commercial property
• ensure timely issue of budgets and year-end certificates
• reduce the causes of disputes and to provide guidance on resolution, and
• provide guidance to solicitors, their clients (whether owners or occupiers) and managers of service charges in the negotiation, drafting, interpretation and operation of leases, in accordance with best practice.

Although this document is a first edition PS, it supersedes the previous 3 editions published as codes of practice from 1 April 2019.