Contract races
Contract races

The following Property practice note provides comprehensive and up to date legal information covering:

  • Contract races
  • The rules under the 2011 Code of Conduct
  • The position under the SRA Standards and Regulations

The Solicitors Regulation Authority’s (SRA) Handbook (SRA Handbook 2011) which contains the Solicitors Regulation Authority’s Code of Conduct (SRA Code of Conduct) applies to all conduct after 6 October 2011 and before 25 November 2019 should the SRA carry out a review of historic conduct.

The SRA Handbook 2011 was replaced by the SRA Standards and Regulations which came into force on 25 November 2019.

This Practice Note therefore covers the position under both regimes.

The rules under the 2011 Code of Conduct

Chapter 11 of the 2011 Code of Conduct covered the relations that a solicitor had with third parties. Outcome 11.3 of the 2011 Code of Conduct applied to contract races ie when a seller instructed his solicitor to deal with two or more separate buyers. It provided that the seller's solicitor had to inform all buyers immediately of the seller's intention to deal with more than one buyer. However, it did not include any further guidance as to what this meant in practice.

The Law Society published a Practice Note for lawyers on conflict of interests, which represented the Law Society's view of good pr

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