Commercial Finance Specialists

Rics has criticised inconsistencies and a lack of transparency from professionals.

The Royal Institution of Chartered Surveyors (Rics) has criticised what it calls "inconsistencies in the level of transparency" regarding professional fees in the property sector, which may affect seeking sources of finance for property investment.

In April 2009, Rics held a consultation on transparency in professional fees and commissions in the residential and commercial property spheres, inviting feedback on service charges in leasehold property, commissions on letting renewals and other issues.

Rics president Max Crofts said that the findings indicate the need for greater transparency across the sector regarding professional fees and information to buyers.

"The industry will do what it can, but to obtain consistency in transparency of fees and commissions across the entire industry action and legislation is needed from government," he added.

Rics recently predicted that the US and Japan will lead the pickup in sales of distressed properties, in addition to China, Germany and the United Arab Emirates.