Do I need separate security accounts for each adjoining property?

In cases where security has been requested by several adjoining owners, we are sometimes asked if this can be held in a single account. This can be done but there are several good reasons why it should not be:

• Any payment out of the security sum must be authorised by all the parties or all the appointed surveyors or all the Third Surveyors (if the same Third Surveyor has not been selected by the appointed surveyors).
• Any one of the parties or of the surveyors could prevent the release of any part of the Security Sum.
• It may not be possible to direct the release of security in respect of one adjoining property only.
• There would be no significant saving in respect of fees and the person giving security could find themselves at a serious disadvantage further down the line. It may be that the Security Sum required by the adjoining owners would be less if combined in a single account in which case, if all the parties and surveyors are happy with the arrangement, we can set up an account on that basis.