Solicitors 'often blamed for property transaction delays' - Professional Indemnity Insurance

20/11/2009

Written by Marc Riches

Solicitors may be the target of claims from disgruntled property sellers, it has been revealed.

Commenting after research by the Office of Fair Trading shows one-fifth of those selling a home who had experienced delays during the conveyancing process blamed either their own solicitor or the buyer's legal representative for this. However, the Law Society points out law firms may not always be responsible.

"If it is the client's perception that it is the solicitor's fault, that does not mean solicitors are to blame - it could be that the blame is wrongly being put on them by others," Richard Barnett, chair of the society's conveyancing and land law committee, points out.

Peter Rodd, chair of the Law Society's property section, adds that while solicitors often have to break the bad news to clients when something goes wrong with a property deal estate agents are able to "be more positive".

However, this could well have an influence on the cost of Professional Indemnity insurance cover that solicitors choose to take out.

Such comments come as Tim Edward, head of commercial dispute resolution at Maclay Murray & Spens, wrote in a Director of Finance Online article earlier this year that lenders and property owners are increasingly looking to recoup money lost on property transactions by filing claims against those who have advised them.

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