The SRA Handbook includes a set of guidelines that solicitors are expected to follow during conveyance. It explains how a solicitor should handle different situations that arise during conveyancing. It also outlines how solicitors are supposed to conduct themselves before the people they will be dealing with during conveyance. The Solicitor Regulatory Authority writes the book (SRA) hence referred to as SRA handbook. SRA is a government body that regulates solicitors. It is usually updated periodically to take into account changes in the housing market. The housing market is very dynamic. SRA guidelines of one year cannot be applicable in another year. These guidelines consist best practices from real practical cases and what to expect during conveyance.
The purpose of the SRA handbook is to ensure that property transaction goes on smoothly for clients. Property purchase is one of the most sensitive transaction you can ever imagine. It involves many legal lingo and vast sums of money. The involvement of lawyers is not meant to fleece buyers and sellers off their money. On the contrary, the law ensures that property transactions are smooth and that no party cries foul over when a deal gone wrong. The law also ensures that everyone gets a place to live in regardless of his economic status or place of origin. These are important considerations. However, for the proper influence of the practices, laws must be enacted and regulations set. This is where the lawyers, also known as solicitors, come in.
To follow best practices
SRA Handbook provides a quality standard expected from a solicitor. This by no means implies that the solicitors do not know the law. Solicitors are highly trained in matters of law. They have gone through years of training in law schools. Those who carry out conveyance by themselves have worked with hardened solicitors and are themselves endowed with years of experience. The SRA Handbook is only a few pages long and written in English. However, not anybody can read through and claim to be a good solicitor. The years of law training plays a significant role in ensuring that solicitors understand and adhere to the guidelines indicated in the SRA Handbook.
What SRA Handbook contains?
The SRA Handbook can be arbitrarily divided into four different components. The first one deals with how solicitors should relate with their clients. This is covered in Principles of Conveyance and the Code of Conduct. The principles of conveyance are the do and don’ts of solicitors. They outline how a solicitor should undertake conveyance without harming his client. These principles stress on honesty and professionalism. There are ten principles in total. The Code of Conduct explains what a solicitor can handle every situation in the conveyance. It is like a recipe for conveyancing. It explains the procedures that a solicitor should follow during conveyance, and how the solicitor can handle emerging issues.
The second component of the SRA Handbook describes how solicitors should interact with third parties in a property transaction. Third parties are people who facilitate conveyance but do not enjoy the highest price of conveyance. The highest price of conveyancing is a home for the buyer and money for the seller. Third parties include mortgage lenders, Land Registry and property valuation officers. The other two components of SRA relate to how a solicitor interacts with his regulatory bodies and how he can improve himself in his career.