Couldnt make this up - any solictors advice please

Cuddlybearman

Hi all - you may have seen the constant updates over the last few months.

Today - we were just about at the point to sort out exchange and completion dates today. Everything is done from both sides and all sorted - and then i find out that my sellers solicitor firm (Notary Express) has closed down!!! Something about not paying the insurance or not renewing it etc.

What does this mean?? Surely there would be another firm picking up live cases wouldn't there? 

davidmcn

Yes, I would fully expect any ongoing work to be taken over. But expect a bit of disruption while they sort it out.

princeofpounds

The Law Society (or SRA?) should handle transfer of files to another solicitor, but it will take time. Your vendors may be better off finding a new firm themselves and getting the file moved over.

Irishpearce26

This firm closed over 2 months ago how come you are only finding out now?

pbartlett

There was a news item about this problem a while back on the radio - for some reason, insurance companies are putting up solicitor's insurance premiums by massive amounts causing many to close.

greatcrested

Notary Express, based in the Prince of Wales Road, will cease trading on December 19 and has been forced to pay its former insurers QBE £60,000 to cover potential client claims in the future.  

https://www.edp24.co.uk/news/business/notary-express-norwich-forced-shut-6635302

https://www.notaryexpress.co.uk/

Sandtree

greatcrested said:

Notary Express, based in the Prince of Wales Road, will cease trading on December 19 and has been forced to pay its former insurers QBE £60,000 to cover potential client claims in the future.  

That will be for 6 years worth of cover as PI is written on a claims made basis and so not as headline grabbing as the number first suggests... no idea how big they were but plenty of premiums out there with several more zeros and that being an annual fee.

greatcrested

I was focussing more on the date than the amount.

From OP's point of view it has taken a long time for his solicitor to realise the seller's solicitor has gone under.....

OP - there will inevitably be a delay while a new firm is appointed, the file handed over, and a new solicitor gets up to speed with all the cases he's handed

https://www.sra.org.uk/consumers/problems/solicitor-closed-down/

Cuddlybearman

Good question - considering they "replied" to enquiry last week according to the solicitor and the selling EA. I've hassled the selling EA and they said that this happens "from time to time" and they just need to locate the firm where the case has gone to?
How could they be replying to enquiries last week if they have been OOB for 2 months. Makes sense why my solicitor was chasing the replies a couple of weeks ago saying she has not heard back.

Is the EA lying? Why would they.
Luckily my seller is the last in the chain so its a simple sale - they are not buying anywhere else - but how does one find the solicitor that has the new case?

Cuddlybearman

greatcrested said:

I was focussing more on the date than the amount.

From OP's point of view it has taken a long time for his solicitor to realise the seller's solicitor has gone under.....

OP - there will inevitably be a delay while a new firm is appointed, the file handed over, and a new solicitor gets up to speed with all the cases he's handed

https://www.sra.org.uk/consumers/problems/solicitor-closed-down/

just thinking - if they did indeed go under in Dec - wouldnt have that all been handed over by now to someone

MaiTai

Notary Express now operating as NotaryNearMe.UK providing only notarial and legalisation services.Website states other services are available through Setfords Solicitors (who now employ the former owner of Notary Express.)