Under UK law, there are rules about the period within which a claim needs to be submitted. These rules are called ‘Limitation Periods’ and are set out in The Limitation Act 1980.
The time limit for the type of claims that are being pursued by our Action Group is six years from when the breach of contract or negligent act occurred.
In relation to our members’ claims against their solicitors, this means that their limitation period would be defined as six years from when they exchanged contracts.
Make Sure You Claim Before It's Too Late
If you would like to join our action group and recover your investment by making a claim against your solicitor, you need to take certain steps before your limitation period expires. If you fail to act promptly and miss this deadline, your claim will become statute barred and you could lose the right to recover your losses.
In relation to some NWIC insured developments, these limitation periods have already begun to expire. As an investor, you need to be aware of this and make sure you do not delay in registering your claim.