Solicitor gone bust, owed money!

lynnog81

Wasnt sure where to post this tread so maybe it can be re-directed if needs be.

Just finished building a house and due our final downpayment of mortgage from our bank. Since our last downpayment the solicitor we have been dealing with have gone into receivership/liquidation (or whatever the correct term for it is). They are still operating at present. I have been advised if our bank transfer the money to them they have to send an application to the law society to get the money released to ourselves.

In the meantime i have got myself a different solicotor but for the bank to transfer the money through him we have to go through the process of signing new contracts etc and he said it could take up to 3 weeks to get it sorted.

So my predicement is do i let the bank transfer the money through my current solicitor and just hope and pray i actually get to see the money or do i hold out and go through my new solicitor.

Bearing in mind this had been going on for some weeks now and building bills seriously need to be paid, so i really do need the money as quick as possible.

I have already asked the bank could the money not be transferred directly to myself but of course that was a no go.

My question is has anyone been in this situation and what is the chances of getting my money off the solicotor if i do authorise the bank to release the money to them ?

BuffyBot

You might be better off in Accomodation/Property where people who've had dealings with solicitors over property live. This isn't really the place..the mods there can decide if they want to leave it open

partyguinness

lynnog81 wrote: »

Wasnt sure where to post this tread so maybe it can be re-directed if needs be.

Just finished building a house and due our final downpayment of mortgage from our bank. Since our last downpayment the solicitor we have been dealing with have gone into receivership/liquidation (or whatever the correct term for it is). They are still operating at present. I have been advised if our bank transfer the money to them they have to send an application to the law society to get the money released to ourselves.

In the meantime i have got myself a different solicotor but for the bank to transfer the money through him we have to go through the process of signing new contracts etc and he said it could take up to 3 weeks to get it sorted.

So my predicement is do i let the bank transfer the money through my current solicitor and just hope and pray i actually get to see the money or do i hold out and go through my new solicitor.

Bearing in mind this had been going on for some weeks now and building bills seriously need to be paid, so i really do need the money as quick as possible.

I have already asked the bank could the money not be transferred directly to myself but of course that was a no go.

My question is has anyone been in this situation and what is the chances of getting my money off the solicotor if i do authorise the bank to release the money to them ?

First off, the Undertaking you signed with the solicitor on day one must be transferred to the new solicitor. This can be done easily enough if you put pressure of the parties.

Secondly, the Bank wont release the money until they are asked for it by the solicitor. So if he does not requisition the funds it wont go to him.

What bank are you with? It makes a difference.

lynnog81

Its Ulster Bank,

Yes i am aware of all this in relation to my solicotor thats why he said it can take up to 3 weeks to get the money through. As we would have to go through the process

so my question is which is the quickest way to get my money. going down the route of new solicitor or stick to my original solictor, and hope that the money is released quick enough

partyguinness

I am unclear from your post. Has he ceased practice or not?

You said the solicitor is still operating...??

If he is still operating then go through him. Some banks will send the cheques to the solicitor but made out to the customer.

Victor

Tread carefully and while sure, get ideas here, make your final decisions on what the new solicitor says.

lynnog81

~The solicitor is still in operation but having got legal advice from my new solicitor and also information from other people they are in financial trouble and to enable any money to be realesed from them to their current clients they have aply to the law society for the realse of funds. Now I have been advised the money is mine i am fully entitled to it and i will get it however i would have to keep on their backs and it could take some time for the money to actaully get into my hands. All i can say is thank god its the final downpayment of my mortgage on and it didnt happen half way through building the house.
I was just wondering had anyone ever got a similiar experience and how long did it take them to get their money?