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Security for expenses under the Party Wall etc. Act 1996: What? When? How?
‘Until recently, the security provision was a little used element of the Party Wall Act but in light of the current economic climate it is becoming more common for Adjoining Owners to request security to be given.’1 2010 This trend has accelerated with the continuing increase in basement extensions and a growing reluctance of building owners to meet their obligations under the Act. Guidance on security is confused, out of date and often wrong and, since solicitors were warned in December 2014 by the Solicitors Regulatory Authority against offering banking services, the practical difficulties of arranging security have caused many surveyors to neglect this important right of adjoining owners. This paper reviews the guidance and solutions available.
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Mikael Rust celebrates 40 years as a party wall surveyor this year. A speaker at conferences and CPD events, he has several published papers on party wall matters and is a specialist consultant with BotleyByrne Chartered Surveyors as well as running his own firm, Mikael Rust & Company Ltd. Frustrated by the absence of a credible, regulated facility for building owners required to give security under the Party Wall Act he established Security for Expenses Ltd in 2016. This is the only such service to be fully regulated by the Financial Conduct Authority and supervised by HM Revenue & Customs.