What happens if a solicitor goes bust?

6
Found 8th Aug 2011
Im in the middle of buying my first home, im nearly at the stage where I transfer my deposit into the solictors account along with the money from the bank from my morgage. What happens if the solicitors go bust while holding all my money? Just asking with so many firms going under, kinda worrying

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6 Comments

Banned

why not ask them?

it would be in a client's account. I expect the Law Society would step in to manage cases.,

Banned

whatsThePoint

It doesn't worry me, its your money




whatsThePoint in saying that whatsThePoint.

Sadly, was in the position 16 yrs ago. Solicitor went bust. Caused complete havoc and a few nights lost sleep. Miraculously, managed to hold on to the house we wanted.

All current cases get transferred to another solicitor very quickly with assistance from Law Society. Your money is protected, so we did not lose out financially.

Sadly, we are going to see more and more of this.

Banned

Panic. PANIC!!!!!

What if the house youre buying goes on fire? What if the sky falls in? What if your buying a house in a riot area?

Banned

back to the ops original question........
Edited by moderator: "swear filter avoidance" 9th Aug 2011
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