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A horrifying tale of solicitors' fraud
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xylophone
Posts: 45,628 Forumite
Comments
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PII no good because there wasn't any negligence here - usually one or more partners will be guilty of negligence in not checking on a fraudulent partner - in this case both were fraudulent it seems.
They should eventually recover from the Solicitors' Compensation Fund. Possibly the buyer's solicitors should have noticed that something was wrong somewhere but the fraudsters may have been too clever.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
and hopefully they'll have got a bit from giving the mail their story0
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It seems they were only one of a number of victims of these fraudulent solicitors. One wonders how long they were able to continue perpetrating these frauds before the SRA took action?"You were only supposed to blow the bl**dy doors off!!"0
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Generally they do them all the more or less the same time.
It only works if they pocket the money and quickly disappear.
If there were a number of this type spread over a period then buyer's solicitors would start asking for executed transfers and discharges of mortgages which they would have undertaken to give. If it became apparent that a solicitor had not discharged a mortgage (in this case they obviously couldn't because of the negative equity) then they would get reported to the SRA for failure to comply with a professional undertaking.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Should the purchasers' solicitors not have checked the Land Registry for title and restrictions?0
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Should the purchasers' solicitors not have checked the Land Registry for title and restrictions?
Even if they did this and noticed the mortgagees interest on the title it would have been perfectly reasonable for them to assume the sellers solicitor would have discharged this debt on completion.0
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