They are held to protect the adjoining owners. They can be used if the building works are discontinued or cause damage to the adjoining owner's property.
Previously, it was assumed that Security for Expenses only covered the risk of a building owner halting work—either briefly or permanently—before the notifiable work was finished, thereby leaving the neighbouring building potentially unsafe.
Now, while the Party Wall Act does not explicitly state what Security for Expenses should cover, it is generally accepted that it may include:
You can read more about this in our article: "An introduction to Party Wall Security for Expenses".
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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