Property News · March 9, 2017

Is it safe to pay full cash amount for house price in conveyancer's account?


We are buying a home for £305,000 in cash and want to know if it would be better to pay directly to the seller’s solicitorQ We are using a conveyancer to do our legal work when we buy a house for £305,000 in cash, but are concerned about the security of the funds for the purchase while they are with the firm before we complete the sale.Is there a way we can send the funds directly to the seller’s solicitor to avoid this difficulty? I don’t like to ask the conveyancer as it might appear we don’t trust them. JHA It’s not clear why you think your money will be safer with the seller’s solicitor than with your conveyancer. Like solicitors, licensed conveyancers – who are regulated by the Council of Licensed Conveyancers (CLC) – are required to keep a client’s money safely and separately from their business’s money, typically in a specially designated client account at a bank or building society. That way, if the business were to go bust, the money in the client account would be off limits to any creditors of the business. In addition, licensed conveyancers – again like solicitors – are required to have professional indemnity in place to protect against possible losses. They are also required to pay into a compensation fund which would pay out, for example, if the conveyancer ran off with your cash or was negligent or dishonest in some other way. Continue reading…

Source : theguardian.com
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