Licence to Alter Escrow

Escrow accounts to hold security deposits under private Licences to Alter.

By Invitation Only

Licence to Alter Escrow

A walkthrough of the process

Escrow Documents

We work with both parties to agree the basis for the escrow account and confirm the circumstances in which we are to make payment, together with the documents or notices upon which we may act.

Deposit

The party required to give security deposits the sum with us, and we provide a receipt for the same. The licensor and licensee can each access our platform 24/7 to confirm the balance of the account.

Release of Security

Once the works are complete and we are sent the requisite notices, we release the security back to the licensee.

Practical Questions

How does the Licence to Alter Escrow Account work?

What is security?

Under a Licence to Alter, a licensor (the person giving the licence) may require the payment of a sum into an escrow account to cover any expenses that it may incur in enforcing its rights under the Licence to Alter.

Can my solicitor hold the funds?

In certain circumstances, yes. The Solicitors Regulation Authority has suggested that if the solicitor is not handling an underlying transaction, however, this might be a breach of one of their rules of conduct.

How much should be deposited?

The amount to deposited; the conditions under which a claim may be made against it by the Licensor; and the conditions upon the satisfaction of which we may release the funds back to the Licensee will usually be set out in the Licence to Alter itself.

Is my money safe?

We are registered with the Financial Conduct Authority as a Small Payment Institution (FRN: 87774) and your money will be held in a tier 1 UK bank, at all times separately from our own business funds.

Will I receive interest on my deposit?

We do not pay interest on sums deposited with us.

Further Information

Request a quote or sample account documentation

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Regulatory Notices

Payment Services Regulations 2017

dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.
DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services. Digital Batch Payments are powered by Payment Rails Ltd, which is authorised by the Financial Conduct Authority (the “FCA”) under the Payment Service Regulations 2017 (registered reference no. 771016) for the provision of payment services.

dospay is wholly-owned and operated by DOS & Co.

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