Party Wall Security for Expenses Bonds - Alternatives

Depositing cash security is an alternative to using bonds.

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Benefits of Party Wall Bonds

The primary benefit of bonds over a security deposit are that they don't tie up the cash funds for the duration of the works.

Drawbacks of Party Wall Bonds

Like all bonds and insurance policies, the primary drawback is that even if the 'peril' doesn't come to pass, the cost of the policy or bond is lost. While there might have been a perceived benefit in not having funds tied up, the net cost to the building owner was almost certainly higher.

Party Wall Bonds Suppliers

We are not aware of any party wall bond suppliers currently operating in the UK Security for Expenses market.

Secure.

Funds are held liquid and unencumbered at the Bank of England. Just like putting money in a safe.

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Free.

We don't charge any fees. Why? Because we make a small amount of interest on your money while we hold it.

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Transparent.

We operate under clear, straightforward terms and conditions, providing clarity and comfort for all users.

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Easy.

All you need to get started is a copy of your party wall award that sets out the security for expenses requirement.

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UK Security for Expenses Scheme

Other Providers

High-Speed, Same-Day Account Opening.

We can open security for expenses accounts on the same day. All you need is your Party Wall Award and your compliance information.

Often lengthy manual forms back and forth.

No account opening charges.

We don't charge anything for our accounts at all. There are no fees to pay, unless you need us to get involved in a dispute (this has never happened). See our Scheme Rules.

Often a fixed fee + 2.5%+ of the amount of security.

No extra charges.

Unlike our competitors, we don't charge for partial releases of the security, changing bank accounts, returning funds paid from the wrong account, additional entities in your ownership structure, or changes to surveyors or other parties.

Often a complex pricing matrix of additional fees for everything.

Regulated by the FCA for the operation of payment accounts.

We are regulated by the FCA for the opening and operation of payment accounts. Some other providers carry lesser permissions (such as money remittance, which doesn't entitle them to hold security), or aren't regulated to hold client funds at all.

Simple, clear Scheme Rules.

Our Scheme Rules are straightforward, and there are only six of them.

Often have long, complex, jargonistic terms of business.

Security held at the Bank of England.

Through our technology partners, we open an individual, named account (with its own unique sort code and account number), in which we segregate and safeguard all of your funds. This is held in cash, liquid and unencumbered, at the Bank of England. There is no credit risk on any underlying bank.

Often use high street or private banks, who lend out your security to make money.