RICS code

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    #61
    Yes I get that Macromia thanks however it would be prudent and good estate management to ensure that all leaseholders contributed past and present so that the ones in situ are not stung for hefty bills that other leaseholders have had the benefit of the building and not contributed to.

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      #62
      Usually for self -manage blocks , the directors , who are leaseholders , do not charge for their services .

      Comment


        #63
        The RICD Code can be used as evidence in a court or tribunal case by a leasehold manager and a leaseholder It not only sets out the statutory obligations that apply to the management of leasehold properties, but also the additional requirements which should be followed as a matter of good practice.
        Q1 for me has the code been approved by the Secretary of State and what is the current version and date?

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          #64
          Hi,

          the answer is here;

          https://www.legislation.gov.uk/uksi/...article/3/made

          Comment


            #65
            Originally posted by fos333 View Post
            Although that needs to be read in conjunction with the clause that precedes it:
            https://www.legislation.gov.uk/uksi/...article/2/made

            The 3rd Edition of 'The Code' is currently approved.

            Comment


              #66
              Originally posted by Starlane View Post
              Yes I get that Macromia thanks however it would be prudent and good estate management to ensure that all leaseholders contributed past and present so that the ones in situ are not stung for hefty bills that other leaseholders have had the benefit of the building and not contributed to.
              It may be "prudent and good estate management...", but only if the people in control of the funding can be trusted.

              I would personally prefer to have no reserve fund and to be in control of saving myself (and, if I had the intention of buying another leasehold property, would take any foreseeable large costs into account by reducing the offer price by an appropriate amount if there is no reserve).

              Comment


                #67
                Originally posted by Macromia View Post

                Although that needs to be read in conjunction with the clause that precedes it:
                https://www.legislation.gov.uk/uksi/...article/2/made

                The 3rd Edition of 'The Code' is currently approved.
                I did not intend to assume either interpretation, the OP can make their own assumptions based on all 4 articles.

                Comment


                  #68
                  Originally posted by fos333 View Post
                  It says withdrawal Withdrawal of approval

                  3.—(1) The Secretary of State withdraws approval of “Service Charge Residential Management Code” (ISBN 0 85406 643 8) in so far as it applies to the management of residential properties in England.

                  Comment


                    #69
                    Originally posted by Macromia View Post

                    It may be "prudent and good estate management...", but only if the people in control of the funding can be trusted.

                    I would personally prefer to have no reserve fund and to be in control of saving myself (and, if I had the intention of buying another leasehold property, would take any foreseeable large costs into account by reducing the offer price by an appropriate amount if there is no reserve).
                    I tend to agree with you about possibly saving for the expenses myself but the lease does require the operation of a sinking fund, which as you say causes me concern as I can see them using the fund willynilly and then coming back for even more monies because they have spent it not necessarily on what it should be spent on...

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                      #70
                      Originally posted by Starlane View Post

                      It says withdrawal Withdrawal of approval

                      3.—(1) The Secretary of State withdraws approval of “Service Charge Residential Management Code” (ISBN 0 85406 643 8) in so far as it applies to the management of residential properties in England.
                      As Macromia stated in #65 the 3rd Edition of 'The Code' is currently approved.

                      See;

                      https://www.legislation.gov.uk/uksi/.../made/data.xht

                      Comment


                        #71
                        Originally posted by Starlane View Post

                        It says withdrawal Withdrawal of approval
                        Which is why Article 2 needs to be read as well.

                        Article 2 gives approval to the third edition of the code.
                        Article 3 withdraws approval of the earlier version so that there can be no argument which applies.

                        Eventually the 4th edition will likely become the approved version and the approval of the 3rd version will be withdrawn.

                        Comment


                          #72
                          Note on page 6 of the code, it states that compliance with the best practice guidance given is not mandatory but managing agents (and presumably others) should be able to justify departures from it. That implies that there may be satisfactory grounds for not complying with best practice.

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