diff --git a/src/lightning/pytorch/utilities/migration/utils.py b/src/lightning/pytorch/utilities/migration/utils.py
index f24ad3d035b53..56f018a9fe900 100644
--- a/src/lightning/pytorch/utilities/migration/utils.py
+++ b/src/lightning/pytorch/utilities/migration/utils.py
@@ -14,6 +14,7 @@
 import logging
 import os
 import sys
+import threading
 from types import ModuleType, TracebackType
 from typing import Any, Dict, List, Optional, Tuple, Type
 
@@ -28,6 +29,7 @@
 
 _log = logging.getLogger(__name__)
 _CHECKPOINT = Dict[str, Any]
+_lock = threading.Lock()
 
 
 def migrate_checkpoint(
@@ -85,6 +87,7 @@ class pl_legacy_patch:
     """
 
     def __enter__(self) -> "pl_legacy_patch":
+        _lock.acquire()
         # `pl.utilities.argparse_utils` was renamed to `pl.utilities.argparse`
         legacy_argparse_module = ModuleType("lightning.pytorch.utilities.argparse_utils")
         sys.modules["lightning.pytorch.utilities.argparse_utils"] = legacy_argparse_module
@@ -103,6 +106,7 @@ def __exit__(
         if hasattr(pl.utilities.argparse, "_gpus_arg_default"):
             delattr(pl.utilities.argparse, "_gpus_arg_default")
         del sys.modules["lightning.pytorch.utilities.argparse_utils"]
+        _lock.release()
 
 
 def _pl_migrate_checkpoint(checkpoint: _CHECKPOINT, checkpoint_path: Optional[_PATH] = None) -> _CHECKPOINT:
diff --git a/tests/tests_pytorch/checkpointing/test_legacy_checkpoints.py b/tests/tests_pytorch/checkpointing/test_legacy_checkpoints.py
index a171e92e8bd59..3e69659461ac0 100644
--- a/tests/tests_pytorch/checkpointing/test_legacy_checkpoints.py
+++ b/tests/tests_pytorch/checkpointing/test_legacy_checkpoints.py
@@ -14,7 +14,6 @@
 import glob
 import os
 import sys
-import threading
 from unittest.mock import patch
 
 import pytest
@@ -26,6 +25,7 @@
 from tests_pytorch.helpers.datamodules import ClassifDataModule
 from tests_pytorch.helpers.runif import RunIf
 from tests_pytorch.helpers.simple_models import ClassificationModel
+from tests_pytorch.helpers.threading import ThreadExceptionHandler
 
 LEGACY_CHECKPOINTS_PATH = os.path.join(_PATH_LEGACY, "checkpoints")
 CHECKPOINT_EXTENSION = ".ckpt"
@@ -68,18 +68,22 @@ def on_train_epoch_start(self, trainer: "pl.Trainer", pl_module: "pl.LightningMo
 @pytest.mark.parametrize("pl_version", LEGACY_BACK_COMPATIBLE_PL_VERSIONS)
 @RunIf(sklearn=True)
 def test_legacy_ckpt_threading(tmpdir, pl_version: str):
+    PATH_LEGACY = os.path.join(LEGACY_CHECKPOINTS_PATH, pl_version)
+    path_ckpts = sorted(glob.glob(os.path.join(PATH_LEGACY, f"*{CHECKPOINT_EXTENSION}")))
+    assert path_ckpts, f'No checkpoints found in folder "{PATH_LEGACY}"'
+    path_ckpt = path_ckpts[-1]
+
     def load_model():
         import torch
 
         from lightning.pytorch.utilities.migration import pl_legacy_patch
 
         with pl_legacy_patch():
-            _ = torch.load(PATH_LEGACY)
+            _ = torch.load(path_ckpt)
 
-    PATH_LEGACY = os.path.join(LEGACY_CHECKPOINTS_PATH, pl_version)
     with patch("sys.path", [PATH_LEGACY] + sys.path):
-        t1 = threading.Thread(target=load_model)
-        t2 = threading.Thread(target=load_model)
+        t1 = ThreadExceptionHandler(target=load_model)
+        t2 = ThreadExceptionHandler(target=load_model)
 
         t1.start()
         t2.start()
diff --git a/tests/tests_pytorch/helpers/threading.py b/tests/tests_pytorch/helpers/threading.py
new file mode 100644
index 0000000000000..6447bec303c91
--- /dev/null
+++ b/tests/tests_pytorch/helpers/threading.py
@@ -0,0 +1,33 @@
+# Copyright The Lightning AI team.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+from threading import Thread
+
+
+class ThreadExceptionHandler(Thread):
+    """Adopted from https://stackoverflow.com/a/67022927."""
+
+    def __init__(self, *args, **kwargs):
+        super().__init__(*args, **kwargs)
+        self.exception = None
+
+    def run(self):
+        try:
+            super().run()
+        except Exception as e:
+            self.exception = e
+
+    def join(self):
+        super().join()
+        if self.exception:
+            raise self.exception