Qualified advisers answering your
Financial Questions
call 0800 092 1245

Property Claims Set To Test Solicitor PI Cover

As the property market continues to struggle there are concerns that a number of solicitors will be on the end of claims against their professional indemnity (PI) cover. The more house repossessions in the UK, the more likelihood of a historic title defects arising, leading to claims by mortgage companies and home owners alike, determined to reduce any potential losses.

While the Council of Mortgage Lenders (CML) currently estimates that there will be 45,000 repossessions in the UK this year, there are fears that the final figure will actually exceed the 75,000 repossessions seen in the property crash of the late 1990s. As prices continue to fall many repossessed homes will be sold at a loss leaving the home owner and mortgage company out of pocket.

Even though solicitors who may have acted in the purchase of the property have nothing to do with the fall in value, they will be held responsible for any title defects and face being sued by past customers. There will be solicitors in the UK frantically checking their PI cover to see if they are protected, and the expectation is that PI premiums will also rise in line with claim numbers.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details