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Hi thanks for your question. My name is Tony.
You will always have a claim against the SRA compensation fund if you have been the victim of fraud by a regulated practice.
The SRA guarantees that if there is fraud by such a practice, or employees etc. of it, that the victim will not be out of pocket.
Thanks for your answer. Should I claim against the solicitors indemnity insurance even though the firm is now closed or should I pursue the compensation direct with the SRA and their appointed intervener? How long will the process take until I receive compensation and will I be compensated for the value I have lost on the land as registered with Land Registry?
Thanks for your help -John
You would pursue with the SIF.
The intervening firm will not deal with compensation issues although they will advised you how to pursue a claim and give you some assistance in doing that.
You should be compensated juslty by reference to your loss.
Hello -You recently helped with my questions but I have now received a reply from SRA which was very negative.
The reply seems to imply no liability from the Solicitor or the SRA which was involved in intervening with the practice having given some qualifications during the period in which I was purchasing the plots.
Surely there is a claim against the compensation fund for the solicitors action since solicitor knew that fraud was being committed by the Company and the parties who sold me the plots who have been charged with fraud. I had contacted the solicitor to stop payment of the last plot £23000 after I received The TP1 from them but they refused to cooperate and the plot was finally registered in June 2011.
If the SRA had acted with due diligence and had withdrawn the practising certificate rather than allowing a bad situation to get worse I and others would have been protected from the fraud. Have I a legitimate claim for the total amount and how can I pursue this with or without further solicitor involvement and what would be the cost in fees etc? Other wise can I wait the outcome of recovery from the fraudsters and how do I pursue this?
Can you treat this as a supplement to your previous reply?
Thanks for your help- John