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Case StudyCommercial Service Charge Audit
Multi-Let Office Building
Leading UK Service Charge Consultants
Objectives of the AuditThe service charge costs are analysed to validate that they are:
• Prepared in compliance with the RICS Code of Practice on the subject
• Fair, reasonable and accurate
• Compliant with the client’s lease
• Consistent with the key service contracts in place
• Represent value for money
Outcomes of the Audit
Improved Transparency• Full disclosure and audit trail for service charge costs
• Critical review of property service delivery
• Better definition of service contract Key Performance Indicators (KPIs)
• Identified hidden fees, not referred to in the service charge certificates of expenditure
• Identified lack of compliance with service charge management best practice and proposed solution as how to improve performance in that area going forward
Collaborative Working• A proposed and agreed action plan for improving service charge
management processes developed by Property Solutions
• Proactive review of progress
Improved Management Information• Provision of monthly management accounts
• Monthly review of costs vs. plans
Better Service Delivery• Identified inefficiencies in supplier contacts, affecting the quality
of work and resulting in higher costs
• A new approach to supplier management developed by Property Solutions
• A solution for better alignment of the occupiers’ operational objectives with the owner’s value proposition proposed by Property Solutions
• Improved accountability in the building management
www.property-solutions.co.uk
TYPEOffice
LOCATION:Central London
SIZE:300,000 sq.ft