About us
Born from party wall and property expertise
Why we set up Security for Expenses Ltd.
Mikael Rust has more than 40 years’ experience in party wall matters – as a Chartered Building Engineer, former member of the Building Surveyors Divisional Council at the RICS, member of the Pyramus & Thisbe society since 1978, and a founding fellow of the Party Wall Academy.
He became concerned at the absence of a secure, simple, regulated and transparent service where building owners could deposit money required as security for expenses.
He set up Security for Expenses Ltd. in 2016 securing full approval from the FCA and HMRC later that year. The service was welcomed by solicitors, barristers, engineers and other professionals in the field as well as party wall surveyors – and word quickly spread. Building owners could again place funds on deposit as security for expenses in a fully regulated, transparent and reliable service.
It soon became apparent that the service was useful for holding money in escrow for other property and construction related projects and we now hold deposits for a comprehensive range of building and property scenarios.
The people you can trust
Mikael is still very much involved in the key role of Nominated Officer under the anti-money laundering regulations. Grażyna who enjoyed a long and successful architecture career keeps a close eye on finances, ensuring that our safeguarding procedures are under tight control. Richard heads up the administration and operations team in Kingston upon Thames.
Richard Pugh BSc MRICS
Grażyna Zielińska BA DipArch
Mikael Rust BSc
Secure more
With our extensive experience of construction and property matters, and at the request of our clients, our offering has since expanded beyond security for expenses to support with further services related to holding security for property related works, including:
- Security held under licences for access, scaffolding and alterations
- Payments under various forms of building contracts
- Highways and similar performance bonds, court orders and rent deposits
If you have any questions about the wider services we offer, please do get in touch with the team and we’d be more than happy to talk you through the options.
Charity contributions
Surprised at the speed with which the business was growing, we decided that interest earned on client money would be given to charity. As the cost of running the business and regulatory compliance outgrew the modest fees charged, we now retain some of the interest earned but are pleased to continue our support for UNICEF and Feedback Madagascar.
Story so far
1977
Mikael Rust graduates with commendation from Leicester Polytechnic as a building surveyor (ARICS 1980, FRICS 1986 - 2011) developing a special interest in party walls over the next 40 years.
1997
The Party Wall etc. Act 1996 comes into effect revising Part VI of the London Building Acts (Amendment) Act 1939 and extending its application, including the possibility of requiring security for expenses, to the whole of England and Wales.
2014
Solicitors Regulatory Authority issues a warning to its members against holding security for expenses in solicitors’ client accounts.
2016
Security for Expenses Ltd. is approved by HMRC and the FCA and opens for business on 2nd January 2017.
2020
More service lines added to Security for Expenses Ltd.’s offering, all to hold security for property related works.
2025
Over £200,000 of interest has been donated to charity to date.
Straightforward support
If you need more information, get in touch with our support team or check our FAQs.