RICS regulation requires it’s professional members to submit accounts and follow correct procedures with respect to handling clients monies. Although such circumstances would much rather be avoided, it is an essential part of providing services under the Party Wall etc. Act 1996. It may be required that a surveyor holds a security so that should damage occur, compensation for repair of damage is immediately available, such a security will vary between circumstances; however, it will account for remedial works. In extreme cases it will also account for completion of critical parts of the Building Owner’s construction programme together with the professional fees in determining the matter.
There have been countless reports of damage occurring to neighbouring properties where the Adjoining Owners have no form of compensation available, this becomes an increasing issue where the jurisdiction of the United Kingdom is surpassed through offshore and corporate investment. Basement Problems.
Section 12 of the Party Wall etc. Act 1996 expressly provides for Security of Expenses, such security may be requested, by notice, to the Building Owner prior to the works commencing.