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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am about to buy a Property through a small, lesser known

Resolved Question:

I am about to buy a Property through a small, lesser known Estate Agency.
Will I be legally protected if they go bankrupt (or suffer other financial problems), as they are a member of 'The Property Ombudsman', and receive compensation ?
Also, when I transfer payment to them, will the solicitor I am dealing with ensure they only get the payment when I legally own the Property, on completion, i.e. they cannot simply take the payment and NOT give me the property?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know whether you have a Solicitor handling the transaction?

Customer:

Hi Alex,

Customer:

I am about to appoint a solicitor; I have just received a Quote

Alex Watts :

Ok - then you do not need to worry

Alex Watts :

The money does not go to the estate agent

Alex Watts :

It is held by the Solicitor and transferred to the sellers Solicitor

Alex Watts :

So the agent does not hold any money.

Alex Watts :

As such you do not need to worry

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

So the Agent cannot cheat me: I cannot lose my money?

Alex Watts :

Corret

Alex Watts :

Correct

Alex Watts :

You dont have the agent holding money for you

Alex Watts :

Does that help?

Customer:

Many thank, Alex.

Customer:

Goodbye

Alex Watts :

Great. If I could ask you to rate my answer before you go today please, the button should be at the bottom of the screen

Alex Watts :

If you need more help please click reply

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