Examination Timing: 00H00M02S
A solicitor supplements his income with buy-to-let flats. The solicitor decides to sell one of the flats and use the capital for another investment. One of the solicitor's clients offers the full asking price for the flat and the solicitor accepts his client's offer. In the full knowledge that the solicitor is the seller, the client instructs the same solicitor in writing to act as his solicitor in the transaction. The solicitor accepts the instruction and prepares all the documents. The transfer is completed without complications.
Were the solicitor's actions in accordance with the SRA Standards and Regulations?
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Under the Solicitors Regulation Authority (SRA) Standards and Regulations, a solicitor must not act where there is an own interest conflict or a significant risk of such a conflict, unless one of the specific exceptions applies. In this case, there is an own interest conflict because the solicitor is the seller of the flat. None of the exceptions, such as substantially common interest or written consent under specific circumstances, apply here. Therefore, the solicitor's actions were not in accordance with the SRA Standards and Regulations.
Key Point: Solicitors must avoid acting in situations where there is an own interest conflict or a significant risk of such a conflict to maintain professional integrity and protect client interests, unless a specific exception under the SRA Standards and Regulations applies.
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