Judgment has been handed down by the Court of Appeal in Yee Shi Yin & Ors v 174 Law Solicitors Limited [2023] EWCA Civ 13 dismissing the appeal by a group of buyers of off-plan flats in a fractional sales development who had brought claims against the firm of solicitors which had acted as stakeholders for releasing their deposits. The Court of Appeal agreed that the release of the deposits was capable, under the standard agreements for sale, of being authorised and had been authorised by a buyer company set up to look after the buyers’ interests. This result is significant because the development comprised several hundred flats and there were further potential claims of up to £9 million. 4 New Square Chambers’ Michael Bowmer together with Jonathan Seitler KC of Wilberforce Chambers acted for the respondent.
