Those individuals who lodged money with their solicitors and who now deem it that they have suffered a loss are entitled to apply for compensation under the Solicitors (Compensation Fund) Regulations (1963) Given the large readership of this blog in recent months and search for information on Michael Lynn and Thomas Byrne I figure that some of those searching include those who have lost money in the suspension of the practices and possible discovery of malpractice.

Better you get your money back (or as much as possible) – the banks are trying their best through other means! And as we know solicitors insurance for Michael Lynn ran out at the end of the year. I have a feeling that many people who gave money to their solicitors in good faith have written it off and are worrying about the mortgage repayments.

It is possible that those affected think that in order to get anything back they have to take action through the courts or something and somehow feel that they won’t get a penny. However there is a fund there to compensate those who lose money.

There are strict time restrictions under which applicants to the Solicitors Compensation Fund may apply. The regulations are set out here. (The Law Society’s website is not very helpful on the matter – quelle surpise!)

A form – CF 1 – must be filled in and submitted within 3 months of the loss first becoming known notifying the Law Society of the loss. Given that the stories broke in mid October and in the following weeks people began to become aware that they may have lost their money – time is running out!! Indeed it would be interesting if the Law Society could confirm their decision on a cut off date – however I would think it is probably different in each case depending on when the last dealings each client had with a solicitor/taking holidays/access to mainstream news coverage and indeed understanding of the implications. (i.e. I’m saying get ready to argue your case if the Society gets stroppy!)

A second form CF2 must then be completed with 6 months of the loss becoming known – this is to actually apply for a grant from the fund. A questionnaire may then be issued by the society for the party to complete and to assist them in their enquiries.

Feel free to add your questions and observations in the comments to this post. I am no expert in this by any means. It came to my attention that a deadline was approaching or may have passed for some so I thought I would flag it up. And if I have it wrong let me know also! The more the merrier in putting heads together.