The relationship between you and your solicitor is built on a firm foundation of trust. But what happens when your chosen law firm is closed by regulatory bodies like the Solicitors Regulation Authority (SRA)? This can be troubling, especially when that firm holds important legal documents for you, or are part-way through a transaction.
If your local law firm has been closed, then here’s what you need to know about the SRA, what happens during interventions, and how you can regain control of your documents and finances. Should you have any questions about your personal situation or anything not covered below, feel free to contact our team and we will support you through this unsettling time.
The Solicitors Regulation Authority (SRA) is here to uphold strict standards, protecting your best interests by making sure that solicitors throughout England and Wales act with integrity. If they find a law firm has acted inappropriately, they can intervene and impose restrictions or even have the firm permanently closed.
Once closed by the SRA, law firms can no longer act on behalf of their clients and the SRA will collect all the client files, documents and money. They will then either contact you directly or appoint a trusted law firm to act for them and let you know your next steps.
You can confirm your chosen solicitors were closed by the SRA via their Solicitors Register. This register also lets you know which firms are SRA regulated when choosing your new solicitor.
Once contacted, you can then ask for these files to be transferred directly to yourself or your newly appointed solicitor, free of charge. If there’s more than one person named as a client, you all need to agree to this transfer. Some documents such as Wills may have already been transferred to a trusted solicitor prior to the closure.
Due to the volume of documents being collected, it can take some time between closure and receiving further information. We understand that this is a worrying time for many and silence can make this even more unsettling.
If you wish to speed up the process, then you can contact the SRA directly and provide identification to request your files. As for house deeds, you might be able to find your document online via the Land Registry. If you have already chosen your solicitor, then you can help further by forwarding any documents or correspondence that you received before the intervention.
If the closed firm was holding money for you, then unfortunately the accounts will be closed and payments can no longer be made. However, the SRA will start working through the accounts to identify and contact beneficiaries entitled to funds, although this typically takes several months.
To reclaim your money sooner, you can try making a claim via the SRA’s Compensation Fund. It’s important to note that the outcome has no guarantees, but if you can provide any evidence or relevant documents, this will support your application and streamline their investigation.
This discretionary Compensation Fund can also be used for instances where a law firm has mishandled client funds, and the SRA can look to help you reclaim your lost money.
Regulated by the SRA, our team follow strict processes that place your best interests at the heart of what we do. If your chosen firm has been closed and you’re looking for a new solicitor, our friendly team will offer our full support in completing your Will, LPA or any other legal document. Get in touch to see how we can help and let’s plan your next steps through the transition.
Remember, when life has its moments, we’ve got you.
For more information contact Sophie Price via email: hello@fodens.co.uk or call 01952 726111.
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