For adjoining owners
Your neighbour is building. You can ask for security.
If the works could damage your property, the Party Wall etc. Act lets you ask for money to be set aside before they start. Here is what that means, and what it does not mean.
In short
- You do not pay the security, your neighbour does.
- You do not need an account to be protected.
- It costs you nothing.
- The surveyors decide the amount; not you, and not your neighbour.
What happens, in order
First
You receive a notice
Your neighbour must tell you before certain works begin. That notice starts the process; it is not a request for permission.
Then
Surveyors are appointed
You may appoint your own, or both of you may agree a single one. Their fees are usually paid by the building owner.
Then
Security is requested
Your surveyor can ask for security for expenses. The amount reflects what putting damage right would realistically cost.
Finally
The money is set aside
It is held in a safeguarded escrow account until the award's conditions are met; not by you, and not by your neighbour.
Not sure where to start?
Find a party wall surveyor who works with the scheme.