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Service Charge
This is a sum of money payable by a tenant on account of services
provided by the landlord and is often collected quarterly
in advance at the same time as the rent.
A service charge usually arises when a property is in multiple
occupation, such as an office block or shopping centre.
Typical service charge items include the repair and maintenance
of the external or structural parts of a building.
Also, costs arising from repair and upkeep of common parts,
together with managing agent's fees and a sinking fund.
A service charge payment can be capped in order to limit
the amount of a tenant's financial liability.
In addition some service charge costs have a limit to the
amount of increase that applies during the term of a lease.
For example, the charge cannot rise in excess of the movement
in the Retail Price Index.
This provision enables the tenant to restrict future service
charge liabilities.
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Before you go office
hunting, make sure you have defined your space needs and service
priorities. Global Office Search can help you determine your
exact space requirements, locate the commercial properties that
best fit and help you negotiate favourable terms. |
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London commercial property,London commercial property
Global Office Search
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