Solicitor Gone bust

#1
Didn't think this sort of thing happened. My solicitor that I have done business with for over twenty years has gone bust. Looks like over extending and dodgy investments.
They have my property deeds, wills and a couple of bonds for safe keeping.
Anyone give me an idea of what happens next or what I should do?
 
#3
Its not uncommon for small practices to go under. Many are salary businesses; they cover their costs and good salaries for their employees and partners. They don't retain much profit within the business or have much capacity to absorb losses. Some of the bigger chains have heavily leveraged with debt to fund their growth.

The option of liquidation used not to be available to partnership businesses like solicitors and accountants because they weren't limited. Since the creation of the LLP, liquidations are more common. As Sunami says, the SLA have this covered.
 
#5
Thanks for the info. Just found out our previous solicitor is handling the business. Ironic as he is a git of the first order whereas the one that want under was very good. Just not good at choosing a partner (family member).
Looks like I will be perusing the "how to find a good solicitor thread".
This one will charge me for getting my papers together.
 
#6
One we used for our house purchase and a later land purchase held all our deeds etc--didn't go bust but ended up doing porridge due to false legal aid claims,mortgage fraud and being a drunken buffoon in public.
All our papers were transferred to another company for free further along the road who has been good value ever since.
 
#8
My solicitors also went bust, they had my will. I got a letter from the law society telling me they now had it and would send it to me if I asked otherwise they would keep it for 7 years then destroy it
 
#9
The residents of Schloss Mikal recently did a will update frenzy. There is now a growing practice in the area where we live to encourage clients (us lot) to pay for the wills to be registered on Certainty This might be a better option going forward.

I checked around with others in England and found most of them had used this service.
 

sirbhp

LE
Book Reviewer
#10
i have my deeds in a fireproof safe at home , theres no law says you got to give them to a law firm .
 
#11
So those cuts intended to impact the filthy chav scum are having a negative effect on smug rotarians and other pillars/parasites of the community! Whatever next?
I thought the idea of the cuts was to reduce the legal aid bill, the impact was consequential. Personally, I'm all for seeing "expert" businesses like solicitors, accountants etc etc exposed to real market forces rather than operating in closed shops where they have near guaranteed revenue and incomes fixed by regulation rather than value. It is not as if they take much risk in their business and that they do take is backed off by bonds etc, the cost of which is ultimately born by the client.
 
#12
I thought the idea of the cuts was to reduce the legal aid bill, the impact was consequential. Personally, I'm all for seeing "expert" businesses like solicitors, accountants etc etc exposed to real market forces rather than operating in closed shops where they have near guaranteed revenue and incomes fixed by regulation rather than value. It is not as if they take much risk in their business and that they do take is backed off by bonds etc, the cost of which is ultimately born by the client.
You must have them rolling in the aisles every night!
 
#14
Very true. But those who need to know, know its existance and where the will is?
Put together a ring binder for "in the event of my/our/your passing". Index sheet, all documents and policies in order to be actioned.

Put metal ring into wall/floor, attach fireproof safe bx to ring with m/cycle security chain.

Tell and show those who need to know where it is and where the keys are.

Cheaper than a lawyer.
 
#15
Didn't think this sort of thing happened. My solicitor that I have done business with for over twenty years has gone bust. Looks like over extending and dodgy investments.
Umm ...

They have my property deeds, wills and a couple of bonds for safe keeping.
Anyone give me an idea of what happens next or what I should do?
Desperate times, desperate measures. I'd keep a look out for snipers and check your brakes, if I was you ...

(now that you've got the DS answer)
 
#16
One we used for our house purchase and a later land purchase held all our deeds etc--didn't go bust but ended up doing porridge due to false legal aid claims,mortgage fraud and being a drunken buffoon in public.
All our papers were transferred to another company for free further along the road who has been good value ever since.
You dont need a solicitor to buy land or property. The Land Registry was set up in 1925 to break the grip of the legal profession on such simple transactions, but the buggers swerved it, and scared people off doing it themselves.
 
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