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