Solicitors Credentials

asu5z

Hi All

I am going to buy a house on cash. Offer accepted and solicitors hired and soon I will be transferring my life long savings into solicitors client account.

I am worried and tensed that how can secure myself? I mean, what if solicitors' firm go bust? or something else go wrong and I loose my funds.

My question is, what steps do I need to take to secure myself?

Regards

ACG

If the firm goes bust, your money will/should be in a "clients" account. That basically means it is exempt from any money owed to creditors.

You can check they are regulated on http://solicitors.lawsociety.org.uk/

asu5z

Thanks for your quick reply. How can I verify the genuineness of the firm, their history and professional indemnity insurance without asking them?

kingstreet

asu5z wrote: »

Thanks for your quick reply. How can I verify the genuineness of the firm, their history and professional indemnity insurance without asking them?

http://solicitors.lawsociety.org.uk/

asu5z

Thanks for your replies.

Is there any way of verifying solicitors' professional indemnity insurance details without asking them? Can I ask law society?

Thanks

nidO

Just check that they have an SRA number (should be on all their paperwork, website, etc) and if you want to be extra cautious confirm this with the SRA (you'll need to call/email them, they don't have an online registration search).
As long as they're regulated it means that they 1) have insurance and that 2) the SRA's compensation fund can/should cover you against dishonesty/bad accounting by the firm.

Yorkie1

asu5z wrote: »

Thanks for your replies.

Is there any way of verifying solicitors' professional indemnity insurance details without asking them? Can I ask law society?

Thanks

As long as they are on the Law Soc / SRA register then, as others have said, they will have PII. They are not permitted to practise without PII. It is an absolute cornerstone of practising.