If I can give my opinion, the issue is to know if the developer has the money to refund you. Obviously, that is the key matter in these days.
In other case, and having into account that 49.000,00 € is a good amount, what about try to get some kind of property from the developer to assure you can receive some value in the future?.
Your solicitor can try the way of negotiation or go directly to the court.
Is you can check your private contract, does it mention the insurance?. What type of written agreement did you have with your solicitor, any power of attorney?. I’m not cinic, but sceptical, because the money was received by the seller, and your first solicitor is just a secondary agent. Anyway, if there is any basis for the claim, the solicitors need to have an insurance for their activity.
Try to negotiate the fees with your current solicitor.