On 22nd April, Alistair McKinlay, director and deputy head of residential conveyancing, appeared on BBC Look North to discuss the impact PM Law’s closure had on conveyancing transactions.

Keeping transactions alive: how Switalskis has helped

One of the most pressing challenges for affected clients has been avoiding the collapse of their property transactions.

In response, our residential conveyancing team has stepped in to support former PM Law clients, helping more than 20 individuals and families to keep their transactions on track.

This has involved:

• urgently reviewing incomplete files and available documentation
• liaising with other parties in the chain to manage expectations and deadlines
• progressing transactions without waiting for full file recovery
• acting quickly to prevent financial loss or failed completions

In many cases, speed has been critical. By taking decisive action, our conveyancers have helped clients avoid losing their sale or purchase, even in highly pressured circumstances.

The closure of PM Law: what it means for homebuyers and sellers

The sudden closure of PM Law in February 2026 left thousands of people facing uncertainty at a critical moment in their lives. For many, this involved ongoing property transactions, with house purchases and sales at risk of falling through.

The situation has since developed into one of the most significant regulatory interventions in recent years. The Solicitors Regulation Authority (SRA) is investigating a suspected £39.5 million misuse of client funds.

What happened?

PM Law, a firm operating across multiple offices and trading names, closed without warning. The SRA subsequently intervened, taking control of client files and accounts.

Early estimates suggested a relatively small shortfall. However, investigations have since revealed a far more serious picture, with tens of millions of pounds potentially missing from client accounts.

The impact on property transactions

Conveyancing clients have been among the hardest hit. Many people found themselves in situations where:

• deposits had been paid but could not be accounted for
• completions were imminent, but funds were inaccessible
• chains risked collapsing due to delays

The SRA has acknowledged that some clients were “facing the risk of collapsed moves, or losing their deposits” as a direct result of the closure.

In a property transaction, timing is everything. Delays of even a few days can trigger financial penalties or cause an entire chain to fail. Where client money is missing, the consequences can be severe.

What happens if your money has gone missing?

Where client funds cannot be recovered from the firm itself, there are still routes available.

The SRA operates a Compensation Fund designed to reimburse people who have lost money due to dishonesty or failure by a regulated law firm. So far:

• Over £9.3 million has been paid out to affected clients
• A further £6.8 million has been returned from funds held at the time of closure
• Claims exceeding £21 million have already been submitted, with more expected

However, compensation is not automatic. Each claim is assessed individually, and the process can take time.

In the meantime, clients may still need to find ways to keep their transactions moving, particularly where contracts have already been exchanged.

How the SRA supports affected clients

The SRA’s role is to protect the public and stabilise situations like this as quickly as possible. In the case of PM Law, this has included:

• Taking control of files and attempting to return them to clients
• Contacting tens of thousands of affected individuals
• Prioritising urgent cases, especially those involving property transactions
• Processing compensation claims based on the level of risk and harm

The regulator has also deployed additional staff and worked around the clock to manage enquiries and distribute funds.

Importantly, clients are advised not to wait for their files to be returned before instructing a new solicitor. In many cases, a new firm can begin work using the information already available.

What should you do if you are affected?

If you were a client of PM Law and your transaction is ongoing:

• Instruct a new solicitor as soon as possible
• Gather any documents, emails or information you already have
• Contact the SRA regarding your file and any potential claim
• Check whether key payments, such as Stamp Duty, have been processed

Above all, acting quickly can make the difference between saving and losing a transaction.

A wider impact on confidence

The collapse of PM Law is not just an isolated incident. It raises broader questions about risk, regulation and client protection within the legal sector.

While cases of this scale are rare, they highlight the importance of safeguards such as the SRA Compensation Fund and rapid regulatory intervention.

If you’ve been affected by the closure of PM Law or are looking to buy or sell your home, get in touch with our residential conveyancing team on 0800 138 0458 or using the form below.