Membership Guidance

Guidance* on accounting and reporting in relation to service charge accounts for residential properties on which variable service charges are paid in accordance with a lease or tenancy agreement.

This is a concise guide from RICS on best practices for Property Managers. It emphasises the key roles of managing commercial properties on behalf of landlords, including rent collection, service charge administration, and building management. The guide also highlights the importance of effective communication, legal compliance, and risk management in areas such as health and safety and tenant relations. Special sections address mixed-use developments, portfolio management, and offshore ownership.

In accordance with its Bye-Laws, the Property Institute Limited (TPI) requires Associates and Member Firms to hold a policy of Professional Indemnity Insurance (PII) which is adequate and appropriate to its size and nature of its business and also that no Associate or Member Firm shall carry on business unless it is covered by PII.

For some time now TPI applicants and members have been facing increasing challenges when trying to open compliant bank accounts. It is hoped that the information contained within this guidance will help explain why we are in this situation, efforts made by TPI to find a solution and provide you with information to enable you to discuss this with your banking relationship manager.

Read about the Annual Declaration requirements for TPI members.

Access TPI's Guide to Compliance Review.