Yes - escrow is a thing in the UK, though less common in property conveyancing. It’s typically used in sectors like construction (escrow/PBA), corporate transactions, and complex sales where neutral holding of funds is essential.
Yes, absolutely. Although escrow services are less rare in the UK than, say, the USA, they are very much a thing and carried out by a small number of specialist escrow providers, trustees and banks.
In UK property transactions, conveyancers use “undertakings” (binding legal promises between solicitors) instead of third-party escrow accounts - this is efficient, regulated, and standard practice.
But in commercial, construction, M&A, or bespoke finance deals, UK escrow is very much a thing - provided by specialist, FCA-authorised escrow agents, banks, or trustees for added neutrality and protection.
This is rare. Where it is commonplace in the USA, for example, in the UK property conveyancing is a regulated activity so must be carried out be a regulated, qualified person. Those people (conveyancers, who are usually solicitors), handle the funds for the purchase, exchanging 'undertakings' (legally binding promises to pay when certain conditions are met), so there is no need for an independent third-party escrow agent.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.
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