Application for holding Security for Expenses under the Party Wall etc. Act 1996.
Completing the Application Form
This form can be completed by either of the Parties, the Person Giving Security (PGS) or either of the Surveyors. We suggest that the person best placed to complete the form is the Building Owner’s Surveyor (BOS) who should have most of the information. We will look to the person completing the application to provide all the information required or, in the case of the bank details, arrange for these to be provided by the PGS.
You will need to enter all the required information before you will be able to submit this application. Required information that you may not have readily to hand includes:
- Property title numbers from HM Land Registry,
- Company registration number(s) and registered office address(es),
- Company contact details and email address,
- Full names and individual email addresses for ALL Owners and the PGS,
- Details of the Third Surveyor.
Supporting Documents and Information Required
If we are directed to make a payment from the Security Sum to a third party we will need to comply with the Wire Transfer Regulation (EU) 2015/847 (WTR2) and The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. This means that we need to establish the identity of the Building Owner(s) and the Person Giving Security (PGS) if this is not the Building Owner.
We will process the application on the basis of the information given by the person completing the form and submit an offer by email to the PGS and Building Owners. The offer will give details of any further documents required.
In order for us to confirm that we are holding security we will need the documents listed below which can be sent as email attachments. If you submit these documents before receiving our offer please be sure to include the postcode of the Building Owner’s property in the subject line.
- Copy of the Land Registry extract confirming ownership of the Building Owner’s property and the current service address of the Building Owner.
- Copy of a bank statement for the UK bank account from which funds will be transferred showing the name and address of the account holder which should be those of the PGS.
- If the Building Owner or PGS is a company or other legal entity not registered at Companies House, a copy of the relevant registration document and the names and addresses of all Persons with Significant Control (PSC Register).
- Personal business email address for the PGS, or a director if the PGS is a company, or authorised signatory if another legal entity.
- Personal email addresses for ALL Building Owners and Adjoining Owners. In the case of a Company or other legal entity, a personal email address must be given for a duly authorised representative.
In most cases the Land Registry title extract and the bank statement will give the names and address of the PGS. If the PGS is not the Building Owner a second proof of name will be required. In the case of a corporate PGS, two proofs of name and address will be required for each PSC. Details of qualifying documents can be found on the Government website here but in most cases a copy of a driving licence and passport will suffice provided the person’s address appears on at least one.
By “personal email address” we mean an email address that identifies the individual even if the domain is that of the company. In other words “[email protected]…”, “[email protected]…”, etc are not acceptable.
We are usually able to set up the holding facility within three working days of receiving all the required information.
On submission all data is encrypted and will not be accessible via our website. Our security policy has been approved by the FCA and can be viewed here.
FUNDS CAN ONLY BE ACCEPTED FROM AND PAID INTO UNITED KINGDOM BANK ACCOUNTS. If you are in any doubt check the IBAN number of your bank which should be on your statements. A UK bank’s IBAN number will start with GB.
If you do not have a UK bank account you may be able to open a multi-currency, borderless account with Wise. Wise is a banking service regulated by the FCA in the UK. It enables you to keep “balances” in different currencies in one account and to transfer funds between them when you choose and at competitive rates. A UK IBAN number and normal account details can be provided.
Once the Security Sum has been received we will obtain confirmation from our bank that the funds have come from a UK bank account in the name of the PGS. If funds are received from a foreign bank or an account in another name funds will be returned for which we will deduct an administration fee.
When the time comes for the Security Sum to be released it will only be returned to the account from which it came so please bear this in mind if you are intending to change banks while we are holding security.
The information submitted will be held by us in accordance with the data protection requirements of the Information Commissioner’s Office and will not be passed to any third party except when required to comply with the Money Laundering Regulations or other due diligence procedures as set out in our Terms and Conditions.