As the owner of a property undergoing renovation, you are required to give notice to your neighbours one or two months in advance to outline your planned works. You would also have to appoint a party wall surveyor to make an inventory of the condition of neighbouring properties prior to you starting work.
The main reason for this is to make sure you are not held liable for any defects that are already present in your neighbour’s property.
The unpredictable nature of renovation work means you need a safety blanket and are required to take out party wall insurance in the name of you and your contractor to cover yourself for any damage that may occur to the neighbouring property as a result of the works.
To disregard party wall insurance is a big risk that could stop you from carrying on with your plans. Ultimately, this is a risk not worth taking!
No matter the size of your business, it is important to know the insurance required to ensure you are covered.
Being aware of the 'Party Wall etc Act 1996' and the implications it may have on your property development is crucial.