About Security for Expenses
Security for Expenses Ltd was established in 2016 by Mikael Rust, a Chartered Building Engineer with over 35 years’ experience in party wall matters. It was born out of frustration at the absence of a simple, accountable and readily accessible means of establishing security for expenses under the Party Wall etc. Act 1996 following the warning notice issued in December 2014 by the Solicitors Regulatory Authority that holding security in solicitors’ client accounts was only permissible as part of an underlying transaction forming part of the accepted professional services of solicitors.
The Service has been developed in wide consultation with eminent party wall surveyors and specialist solicitors and has been very well received by owners, surveyors and solicitors all over the country. In response to requests from our Customers, we have extended our Service to hold security under licences for access, scaffolding and alterations and for payments under various forms of Building Contract.