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SRA Standards and Regulations—a more ethical approach to contract races?

SRA Standards and Regulations—a more ethical approach to contract races?
Published on: 25 November 2019
Published by: LexisPSL
  • SRA Standards and Regulations—a more ethical approach to contract races?
  • Outcome 11.3 of the old 2011 code (old code) in the 2011 SRA Handbook dealing with contract races is not replicated in the two new codes under the new SRA Standards and Regulations. Is there any other provision in the new codes which touches on contract races?
  • We understand that the SRA did not consider outcome 11.3 from the old code to be ‘necessary’ in the new codes—do you think this is because this is covered by other requirements, such as the SRA Principles (eg upholding public trust and confidence) or paragraphs 1.2 (not taking unfair advantage) and 1.4 (not misleading) of the two new codes or have they decided that this is not something they need to regulate?
  • In 2016, the SRA indicated that a case study or guidance may be needed—what is the latest on this?
  • Indicative Behaviour 3.7 in the SRA handbook 2011 provides for the Law Society and Council of Mortgage Lenders approved certificate of title to be used for residential mortgage lending where the borrower’s solicitor is also acting for the lender. This indicative behaviour does not feature in the new SRA standards and regulations. IB 3.7 was never compulsory, rather an indication of compliance with the SRA principles. Is there anything in the new standards and regulations that touches on this? Is it likely that property lawyers will continue to use the approved certificate of title in any event?

Article summary

Property analysis: The Solicitors Regulation Authority (SRA) Standards and Regulations (Standards and Regulations) came into force on 25 November 2019, replacing the 2011 SRA Handbook. James Swede, managing partner and head of the property team at Darlingtons Solicitors discusses the impact the new Standards and Regulations will have on the property sector, in particular with regards to contract races and certificates of title for residential mortgage lending. or take a trial to read the full analysis.

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