UK Security for Expenses Scheme
Under the Party Wall etc. Act 1996, owners may request security for expenses before works begin. Our scheme holds that security via our tech and banking partners in a safeguarded escrow account held ultimately at the Bank of England, protecting both owners until the agreed conditions are met and the funds are released.
The UK Security for Expenses Scheme offers a straightforward, accessible, and entirely cost-free method for building owners to comply with their obligations under the Party Wall etc. Act 1996 to deposit Security for Expenses. All deposits are held at the Bank of England, ensuring they remain liquid, unencumbered, and fully protected throughout the duration of construction works.
Key Features of the Security for Expenses Scheme
- Security: The funds are held at the Bank of England.
- No Charges for Users: The Scheme operates without any fees for users. This is made possible by maintaining low overheads through standardised terms, receiving a small share of interest from the Bank of England on deposited funds, and supporting the service through other profitable business activities.
- Eligibility: The Scheme accepts any signed Party Wall Award for a contemplated building project within the UK that requires the deposit of security.
- Transparent Terms and Conditions: The Scheme operates under clear and straightforward terms (the UK Security for Expenses Scheme Rules), providing clarity and comfort to all users.
- No Hidden Costs: There are no hidden fees associated with the service. The only potential charges may arise if the Scheme becomes involved in a dispute requiring additional services beyond standard account management.
Scheme resources
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