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ROT: Service Charges – New Statutory RICS Management Code

Change date
20/08/2026
Word count
225
Deployment measure
8/10
Rationale

A new statutory RICS service charge management code has applied since 7 April 2026 and strengthens expectations of transparency and good management. Buyers should review current accounts, budgets, reserve funds and proposed major works carefully before committing to a leasehold purchase.

You will be responsible under the Lease for [XX% / a fair proportion] of the service charge payable in respect of the building and/or estate. A new fourth edition of …

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WhenIBought is a Lexsure service for homeowners who discover an issue when selling or remortgaging and wonder what was known, investigated or explained at the time of purchase. It offers a conversation about what happened and, where the records allow, what lenders required at the time. It does not determine whether anyone was at fault.

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