What a day at the P&T National Chairperson’s Lunch!

In the historic setting of Ironmongers’ Hall, Mikael drew on his experience as a leading party wall expert and an in-depth review of the law and guidance, to reveal:

• Misconceptions around security for expenses.
• How landmark cases clarify the law.
• How to be sure security for expenses is held in compliance with financial regulations.

The key findings were:

• Judgments in the High Court and Court of Appeal support the view that “Security may be awarded for any losses or expenses including fees, compensation and the cost of making good damage that might occur as a result of the works.”
• There is no credible authority for the so-called “traditional” view that security can only be awarded for “expenses that the adjoining owner may incur in completing works abandoned by the building owner.”
• Surveyors have a professional duty to advise their appointing owners of the provisions of Section 12(1) – Security for Expenses of the Party Wall etc. Act 1996.
• Surveyors must assess the risk of default and foreseeable damage mindful of their statutory, quasi-judicial role in resolving any dispute over security.
• A service receiving money from one party and paying it to another is a Money Service Business and must be registered with and regulated by the FCA and supervised for anti money laundering by HMRC or FCA.

Michael Cooper,  P&T National Chair and Co-Chair of the RICS Boundaries & Party Wall Committee also presented on the latest updates from RICS.

If you have any questions at all on the implications of what was discussed, please do get in touch.