Let’s get this out of the way upfront: we have an ulterior motive in writing this article. We ideally want you to choose Security for Expenses Ltd! Of course we do, we’re a business after all. But more than that, we know only too well how difficult this moment is. If you’re a building owner, you probably didn’t realise you might have to provide security for expenses when you started planning your works. There’s lots of technical language and legislation to navigate. Mikael started Security for Expenses Ltd. exactly because – even as a chartered surveyor – he couldn’t find a way for his clients to set aside funds that was actually following the Party Wall Act.

Ten years on, it’s still not clear which firms or solicitors can provide security for expenses, but we’re committed to advancing industry standards to safeguard people like you who need to use it. Because a trusted industry = wider use of the service = better relationships between neighbours, builders and contractors = a stronger building landscape for the UK.

So, what are the essential elements to consider when choosing a business to trust with your security for expenses (aka an escrow provider)?

1. Reliable

Look for:

• Long-standing businesses
• Who are more than happy to provide references
• Have a clear process and timelines
• Share detailed terms of reference
• Do not share your data with third parties for marketing purposes
• Are transparent about where funds are held

2. Responsive

Check how long it takes for funds to be first secured and then released at the end of the project. Make sure that the turnaround is fast enough for your requirements.

3. Real

Make sure you can get in touch directly with real people who can help answer your questions. In the unlikely event anything does not go exactly to plan with the building works, you want to be able to speak to real people who have dealt with similar complexities before.

4. Regulated

Ensure they go through the regular, stringent checks of the Financial Conduct Authority which prevent money laundering and help keep your funds safe. Ask your surveyor or research the potential provider on the FCA Firm Checker.

If you have any questions at all on what to look for, or to see our references, please do get in touch. We’d love to hear from you and help.