Ring fencing money in independent account - building works!

[Twentyfour7]

Hi All

I am seeking advice on how to ring fence money securely for building works

I am looking to secure the cost of a roof repair from a roofer who no longer works in this field.My roof is faulty and is well within the guarantee period. The ex builder knows I wish for another roofer to do the remedial works and that I wish for him to pay for it.

If the builder does not give me the cost of the repair upfront I was wondering if it is possible to request for the money to be put in an independent secure account that will ensure the money is there on completion of the works. Are there any particular ways of doing this?

Your advice and tips would be greatly appreciated

24/7

[StevieBee]

The easiest way is to have the money placed in an escrow account - something that your or any bank can organise. This requires that the money sits in that account and is only released when all parties are satisfied that the work has been done and is good but the money has be in there from the start.

This only works if all parties - including the ex-builder - are happy to do so. If he isn't, then your options are limited and likely to end up getting all legal!

[Twentyfour7]

Thank you StevieBee