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A party wall agreement establishes rights and obligations regarding the shared wall. The maintenance obligations for the party wall are discussed and mentioned clearly in the party wall agreement helps prevent legal disputes and provide clarity to the parties. Shared party walls can also be set up in a single property to make multiple divisions. It is quite popular to set up a cubicle or individual rent unit system where the owner remains the property holder and only rents out the small sections of his property. The party wall agreements are quite popularly established in the land division, such as while dividing an inherited property or when the partners split up.
Within the agreement, there is a clear distinction of the property limits, which helps reduce the friction between the parties involved. Setting up a foolproof party wall agreement is a highly valuable asset that can be helpful in the future for either party. It helps decrease complications and is highly beneficial in the court if the neighboring party files any case. It is also helpful in protecting one's rights and values. For example, if the other party doesn't abide by the terms and conditions stated in the contract, you can also file a suit and get justice.
It helps in understanding what you can do with the shared party wall. For instance, you can paint and hang pictures on your side of the wall. However, simultaneously, you cannot drill holes into the wall that exceed a certain level. For example, for any damage done by you due to which a hole is created in the wall, you are liable to compensate for the same and fill the space. The detailed rights and restrictions of the party wall will be outlined in the agreement itself.
Need for a Party Wall
A party wall is a separating unit between two properties. Here are the benefits of having a party wall set up -
- One of the most common types of party walls is a roof, which separates the top floor from the one below.
- Setting up a fencing wall in the garden helps you to establish boundaries. It helps the owner understand the extent of the property.
- If you are planning to sell or put your property on rent, a party wall helps make your property's boundaries clear for a potential client. It can have a positive impact on the worth of your property.
- A solid party wall helps you to get privacy as the neighbors cannot see through the wall.
- Making the party wall soundproof helps you get the leverage of watching movies at loud volumes or maintaining peace.
- If you make the party wall bulletproof or fireproof, it helps you get added security and protection.
- Establishing a party wall protects you from external environmental conditions as well.
Party Wall Notice
The terms and conditions of a party wall notice are generally included within the contract. Per the party wall notice, any construction plans you have for the shared party wall must be informed before the neighbor. In addition, you need to have permission to continue with the construction. Within the contract, you must establish the details for which you need permission. For example, nailing in the wall is generally an inclusion, while painting your side of the wall is an exclusion.
- Party Wall - A shared wall between two or more parties separates the property and sets up a designated area for each person.
- Party Wall Agreement - An agreement between the two parties that share the party wall, which states the terms and conditions that each party must follow.
If you also share a boundary with your neighbor, consider setting up a party wall agreement now. Contact the experts at Contracts Counsel if you are looking for a lawyer for a party wall agreement or a party wall agreement renewal.