selling and buying cheaper house

davidmcn

In any event, if you already own a property then you have previously handled the risk of a solicitor stealing your money, and came through the other side unscathed.

krishcanag7

I am using a local solicitor no experience of this firm before so just finding out the process... as long as he does not do a runner if he does what do I do. but I suppose it goes into the solicitor firm account not his personal correct?

krishcanag7

it's a local solicitor and I have been to the office as well

AdrianC

krishcanag7 wrote: »

I am using a local solicitor no experience of this firm before so just finding out the process... as long as he does not do a runner if he does what do I do. but I suppose it goes into the solicitor firm account not his personal correct?

The solicitor's practice (business) will have a client account - totally separate from their business finances, and ring-fenced for customer money.

No, it certainly won't go anywhere near his personal bank account... any more than money that your employer's customers pay invoices with goes anywhere near your personal account...

eddddy

krishcanag7 wrote: »

I am using a local solicitor no experience of this firm before so just finding out the process... as long as he does not do a runner if he does what do I do. but I suppose it goes into the solicitor firm account not his personal correct?

As long as firm really are solicitors (regulated by the SRA), you will be insured against any losses.

You can check that that the firm is SRA regulated here:
https://www.sra.org.uk/consumers/find-use-instruct-solicitor/law-firm-search


You can check that the firm's phone number and address on the SRA website is the same as you have been using.

If they are different, phone the firm's number on the SRA website, and ask them them if the phone number and address (and email address) that you have been given are legitimate.

(It's possible that the firm as multiple addresses and multiple phone numbers.)

p00hsticks

One thing to be wary of is scams - it's not unknown for fraudsters to hack into e-mails to/from solicitors and send false e-mails so as to divert funds into their own accounts.

So I'd make sure that you personally hand details of the bank account you wish your solicitor to pay the proceeds into to their office and stress that they should ignore any e-mails proping any changes to these details.

AnotherJoe

krishcanag7 wrote: »

what is to stop the solicitor taking the money?
krish

What is far far FAR more likely is someone intercepting the solicitors email (or sending you a letter) and sending you an email saying that their bank account details have changed and send the money to <new account> instead.
So, make sure to get your solicitors bank details in person or from their documents, and if there are any changes communicated to you then phone them on the number you normally use (not one in the email or letter) to check.

Soot2006

£90,000 is probably not enough to run away into the sunset

Smodlet

OP, I realise it is a scary process but how on earth did you ever manage to buy a property in the first place? Sure, it can be terrifying; I remember being technically homeless for about 2 hours and it messed with my head. I still had my own bed to sleep in that night, albeit in a new location.

This is the UK: We have laws. Yes, there are scammers out there but there are also plenty of ways you can check a company's or an individual's legitimacy before committing to anything. Ask your bank what they can do to help; if they don't have some kind of fraud prevention advice on offer, I'd change banks.

I wish you luck with your purchase.

ETA: Just called my bank and they would always advise a CHAPS payment (like a BACS payment but quicker and leaves a paper trail as opposed to just a digital one) They also advised any solicitor dealing with a house purchase would advise the same. One thing you might do is ask your solicitor what method they would advise and see if they produce the same answer.

I am borderline paranoid about online security but can honestly say, given I don't know who your solicitor or is or what their reputation is, that I think you might be worrying unnecessarily. Without a bit of faith and trust no-one would ever move house!

Good luck to you, OP.