Benefits for the Building Owner
As Security for Expenses is not optional (it forms part of the requirements of the Party Wall Award), the primary benefit for the building owner lies in being able to open a party wall escrow account quickly and easily. Unlike insurance or bonds, the security sum is held in cash and returned in accordance with the terms of the award.
Benefits for the Adjoining Owner
By having Security for Expenses held in cash, there is no risk in waiting to claim under an insurance policy or bond (potentially, only to discover that the terms of the policy/bond won't pay out) as the release of the security takes place by the party wall surveyors in accordance with the Party Wall Award.
We do not charge any fees on our Party Wall Escrow or Security for Expenses accounts. The service is entirely funded by the small amount of interest we make on your security while we hold it.
Fees are quoted on an account-by-account basis in order to ensure that we can deliver you the best value. You can find out more about our fees and pricing on our
pricing page.
We are required to carry out compliance on all parties to the arrangements, including understanding their source of funds and source of wealth.
Our accounts do not pay interest. We hold your funds safeguarded and segregated, and they are protected 100% (including above the £85,000 FSCS limit), because they are held on trust for you and are kept liquid an unencumbered at the Bank of England. Unlike other escrow providers whose banks lend out deposited sums, your funds will simply sit there safely.
We carry significant overheads to maintain our regulatory status, carry out all of our initial and ongoing compliance and to rent the facility to open accounts for your funds at the bank. While we do receive a small amount of interest on your deposits, we use this interest to subsidise and support the costs of providing the service. Regrettably, we are not able to pass on any interest on your deposit.
Some of our clients choose to make a simultaneous deposit in our zero-risk, high-interest Cash Deposit Manager accounts in order to defray the costs of the account - we can help you to calculate the required deposit to either get your escrow arrangements for free, or to even earn money during their term.
Discover our zero-risk, high-interest Cash Deposit Manager AccountsBenefits for the Project Manager / Client Team
Benefits for the Supply Chain
Benefits for the Procurement Agent
