I'm in the process of buying my first house. My understanding is that the system operates as follows ......
The buyer gives the deposit to their solicitor in two stages and the lender gives the solicitor the balance. The solicitor then give a cheque for the total amount to the vendor's solicitor.
What protection do I have as a buyer if I am unlucky and choose a solicitor with bad cocaine/gambling habits who decides to abscond with as much client's money as possible?
The system seem open to abuse. A much more secure system would be where the buyers deposit is given to the lender and the total cheque is given to the solicitor.
The buyer gives the deposit to their solicitor in two stages and the lender gives the solicitor the balance. The solicitor then give a cheque for the total amount to the vendor's solicitor.
What protection do I have as a buyer if I am unlucky and choose a solicitor with bad cocaine/gambling habits who decides to abscond with as much client's money as possible?
The system seem open to abuse. A much more secure system would be where the buyers deposit is given to the lender and the total cheque is given to the solicitor.