Is my money safe with solicitors

I am currently selling a property and have buyer - we have both instructed solicitors. As I understand it, once the sale is completed the sale money goes to my solicitor who pays back my mortgage lender then sends the balance to me. My question is - how can I be sure that the sale money is safe with my solicitor? They are regulated by The Law society - does this insure me against of loss of funds?

I don’t think that the fact that your solicitor is regulated by the law Society is any protection in real terms. As I have found out recently; investigation by the legal Services commission into the conduct of a solicitor does not always go as you think it might.
However all solicitors place clients money into clients accounts and this is I believe regulated under Solicitor accounts rules. However I am not a solicitor and therefore am not able to give you chapter and verse.

I suppose if you don’t trust them; who do you trust?

Back to Selling a property»