Deposit protection?

WLITC

I'm transferring money deposit money to my solicitors later this week and it made the wonder about what protection is in place to protect my deposit should something happen to my solicitors before the money is transferred at exchange? Is there some sort of law that stipulates that solicitors hold the money in an escrow account or something like that?

scottishblondie

The money is held separate to the firm’s own money in a client account. In the event they go bust, all the money belonging to clients should be perfectly safe.

dimbo61

Just make sure you have the right bank account details.
Ring and check with your solicitor before you transfer one penny.
Speak to the firm yourself Do Not trust an email.

melj16

Our solicitors went bust a week after instructing them a couple of weeks back..... Luckily we hadn't paid them anything at that point! I also worry about this going forward!

WLITC

scottishblondie wrote: »

The money is held separate to the firm’s own money in a client account. In the event they go bust, all the money belonging to clients should be perfectly safe.

Okay thanks, thats what I was hoping to hear.

melj16 wrote: »

Our solicitors went bust a week after instructing them a couple of weeks back..... Luckily we hadn't paid them anything at that point! I also worry about this going forward!

Yikes, now you have me worried, hope it was all ok in the end.