UK Security for Expenses Scheme Launches
Deposit your Party Wall Security for Expenses, free of charge, at the Bank of England.
The Security for Expenses Scheme is a new, independent deposit service designed to assist building owners in the United Kingdom with depositing the necessary security under a Party Wall Award.
- Security: The funds are held at the Bank of England.
- No Charges for Users: The Scheme operates without any fees for users. This is made possible by maintaining low overheads through standardised terms, receiving a small share of interest from the Bank of England on deposited funds, and supporting the service through other profitable business activities.
- Eligibility: The Scheme accepts any signed Party Wall Award for a contemplated building project within the UK that requires the deposit of security.
- Transparent Terms and Conditions: The Scheme operates under clear and straightforward terms (the UK Security for Expenses Scheme Rules), providing clarity and comfort to all users.
- No Hidden Costs: There are no hidden fees associated with the service. The only potential charges may arise if the Scheme becomes involved in a dispute requiring additional services beyond standard account management.
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