A fully regulated and professional Escrow Service for Security of Expenses under the Party Wall etc. Act 1996
Elemental provides a safe, secure and simple escrow process tailored specifically for clients requiring an Escrow arrangement in relation to a Party Wall Award. We are one of the leading Escrow providers in the UK and offer an Escrow service that is designed to simplify matters for surveyors and clients alike, whilst also providing a robust and transparent Escrow account.
We know you are busy, so we have made our appointment process as clear and simple as possible. To begin the process simply complete our online form.
We’ve set out a guide as to how the Party Wall Escrow Service works when it applies and some other common questions. Please click here to find out more
|Value of Security||Fees|
|Up to £15,000||£495|
|£15,000 to £100,000||£795|
Our fees are inclusive of any applicable VAT, so you only pay what is set out above provided the arrangement is a standard Party Wall Escrow. Further fees will be due if the Person Giving Security is not the Building Owner or if a payment is due to the Adjoining Owner. This is to cover our compliance costs in relation to these parties.
Elemental Limited is authorised by the Financial Conduct Authority (FCA) (Ref 806870) and regulated by HM Revenue & Customs (HMRC) for the provision of these services, so you can remain confident that the services are fully compliant and your funds protected.
Unlike some other providers, we are an authorised payment institution rather than a small payment institution. Although there are many differences, this means that we are subject to greater oversight from the FCA, we have to hold a certain amount of capital to protect your funds, we don’t have limitations on the amount we can hold in escrow and we are subject to greater levels of regulation than a small payment institution. In short, you can rest assured that your funds are fully protected.
Elemental was established in 2011 and since then we have acted for more than 1,000 clients from over 100 different countries around the world. Our clients include Government organisation such as HM Treasury, European Investment Bank and local authorities, UK Banks, Magic Circle law firms and listed companies. We hold many millions in Escrow for our clients and you can remain confident that we have the knowledge and experience to handle your matter professionally.
Elemental complies with the FCA’s safeguarding requirements and your funds will be held within a designated client account with a secure UK bank. The funds will be held securely and separately from any funds of Elemental, ensuring that you are protected in the case any financial issues.
We hold professional indemnity insurance that provides an extra layer of protection for you and your funds. Many of our competitors do not carry insurance for this type of work as it is not required by the FCA and we recommend that you consider this when comparing quotes.
We have standard escrow agreements that can be used in their entirety or as a starting point for a more tailored option. We are also always open to tailoring the arrangements to your specific needs or starting from an agreement produced by your lawyers.
We offer a quick and standardised service, which means that your Escrow Account can be set up in just a few days. Please see our guide for further information on the steps required to set up the Escrow Account.
We are truly independent of any bank, law firm, accountancy firm or other financial institution. We are therefore free of conflicts of interest and able to act independently of the parties as an escrow agent.
Want to learn more or you’re ready to start the engagement process?
We’re here to keep things simple
If you would like to find out more about our services and how we can help support your business, please get in touch.