UK Security for Expenses Scheme Launches Free Protection for Party Wall Security at the Bank of England
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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.
The Security for Expenses Scheme is a new, independent deposit service designed to assist building owners in the United Kingdom with depositing the necessary security under a Party Wall Award. This service is managed by DOS & Co., established escrow agents registered with the Financial Conduct Authority for the provision of payment services.
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.
Building owners can open an account and deposit their security through the Security for Expenses Portal, available 24/7. The first-time compliance checks are streamlined, requiring only essential information and a signed Party Wall Award specifying the security amount.
For more information about the Security for Expenses Scheme, including detailed terms and conditions, please visit https://www.securityforexpensesscheme.org/scheme-details.
