Claim OwnershipSQE Study
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Preparing for the 2026 Solicitors Qualifying Examination? This is your official test review podcast for the SQE brought to you by Young Central. Thirteen subject matters are broken down to ensure you can tackle every topic.
38 Episodes
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The essential requirements for law firms concerning the management and reconciliation of client accounts. Specifically, law firms must obtain bank statements for all client and business accounts from financial institutions at least every five weeks to ensure they have current financial information. Furthermore, firms are mandated to perform a reconciliation of all client accounts every five weeks, comparing bank statements against internal cash books and client ledgers to verify accuracy. Following reconciliation, a Compliance Officer for Finance and Administration (COFA) or a manager must review and sign off on the process to provide necessary oversight. Finally, if any discrepancies are identified during this financial check, firms must investigate and resolve them promptly to maintain the integrity of client funds.
An extensive overview of Value Added Tax (VAT) regulations for law firms, focusing specifically on billing clients for professional charges and disbursements. The documents establish that solicitors must separately itemise professional fees, disbursements, and VAT on invoices and that any bill reductions require proportional VAT recalculations. Crucially, the sources differentiate between taxable legal services (which require VAT) and qualifying disbursements, which are costs incurred by the solicitor acting purely as an agent for the client and are therefore excluded from the firm's VAT supply. Finally, the texts explain the two primary methods for handling disbursements—the Agency Method (where the invoice is addressed to the client and no VAT is charged by the firm) and the Principal Method (where the invoice is addressed to the firm, and VAT must be charged to the client)—noting a special concession for handling counsel’s fees under the Agency Method.
An outline of the stringent requirements for solicitors regarding the management of client money, focusing heavily on transparency and accountability through the SRA Accounts Rules. A central requirement is the mandatory obtaining and delivery of an accountant’s report within six months of the accounting period's end, serving as independent verification that client funds have been safeguarded and managed in compliance with rules, particularly regarding client accounts, withdrawals, and internal controls. Accountants must be qualified, and if they find serious issues, they issue a "qualified" report, triggering SRA scrutiny, though minor, quickly corrected breaches may not warrant qualification. Furthermore, firms must retain comprehensive accounting records for a minimum of six years to ensure traceability and auditability, and they are obligated to promptly correct any discovered breaches of the rules, documenting the nature of the breach and the remedial action taken immediately to mitigate risk and maintain client trust.
An extensive overview of Third-Party Managed Accounts (TPMAs), which solicitors can use to hold client funds via an independent, authorized provider, acting similarly to an escrow service. The text explains that because the solicitor does not directly hold the money, TPMA funds are exempt from standard SRA Accounts Rules but require solicitors to fulfill specific due diligence and client communication obligations. While TPMAs offer significant benefits like cost savings and enhanced security by transferring risk to a regulated third party, drawbacks include potential additional costs for clients and the solicitor's loss of direct control over disbursements. Solicitors must inform clients that TPMAs are regulated by the Financial Conduct Authority (FCA), not the Solicitors Regulation Authority (SRA), and must notify the SRA upon adopting this arrangement.
A detailed examination of how solicitors manage client funds through two distinct mechanisms: Joint Accounts and the Operation of a Client's Own Account. Joint Accounts are typically used in estate administration, involving shared control and responsibility between the solicitor and the client or third party, and though not classified as a traditional "client account," the funds remain client money under SRA Rules. Conversely, the Operation of a Client's Own Account occurs when a solicitor, often holding a power of attorney, manages funds directly in the client’s existing personal account. While most SRA Accounts Rules do not apply to either format, both require the solicitor to obtain bank statements at least every five weeks and maintain a central record of bills. A key difference is that reconciliation is required for the client's own account every five weeks, but not for a joint account, and solicitors must implement risk mitigation, such as recommending joint signatures for joint accounts.
A comprehensive overview of the Solicitors Regulation Authority (SRA) Accounts Rules, focusing on the rigorous standards for managing client funds in the legal profession. Key requirements include the strict separation of client money from business money in designated client accounts, mandated by Rule 4.1, to protect client interests and maintain public trust. The documents define crucial terms like client money (Rule 2.1) and disbursements, clarifying when anticipated costs transition from client funds to business funds. Furthermore, the sources emphasize that client accounts must not be used to provide general banking facilities (Rule 3.3), a prohibition supported by significant case law to prevent money laundering and insolvency risks. Finally, they outline rules for promptly transferring client money into the client account (Rule 2.3), ensuring funds are available on demand (Rule 2.4), detailing the specific circumstances for lawful withdrawals (Rule 5), and the obligation to account for a fair sum of interest on held funds (Rule 7).
An extensive overview of planning law in England and Wales, focusing on the rules governing land development and use, which are primarily based on the Town and Country Planning Act 1990. It explains that "development" generally requires planning permission, defining it as either operational development (physical changes) or a material change of use, while detailing specific exemptions for minor works and changes within the same use class. The text also clearly differentiates planning permission from building regulations control, which focuses on construction safety and quality, and outlines special restrictions for listed buildings and conservation areas. Finally, the document discusses planning enforcement, including the extension of time limits for action to ten years under the Levelling-Up and Regeneration Act 2023, and the range of enforcement tools available to Local Planning Authorities.
A comprehensive overview of leasehold law, focusing on the granting, management, assignment, and termination of commercial leases. The documents explain the fundamental structure of a lease, detailing crucial clauses such as repair obligations, rent review mechanisms, and restrictions on alienation (transferring the leasehold interest). Significant attention is given to the procedural steps involved in both granting a new lease and assigning an existing one, including the requirement for landlord consent and the use of a licence to assign. Finally, the materials cover a landlord's remedies for breach, such as forfeiture and the use of Authorised Guarantee Agreements (AGAs), and examine the critical statutory protection of Security of Tenure for business tenants under the Landlord and Tenant Act 1954.
A detailed overview of the English and Welsh property conveyancing process, the legal procedure for transferring property ownership. The texts distinguish between freehold and leasehold ownership and structure the conveyancing timeline into five key stages: pre-contract, exchange, pre-completion, completion, and post-completion. Significant focus is placed on the pre-exchange stage, detailing the importance of due diligence, title investigation, the memorandum of sale, and the necessary contents of the contract bundle, including specific forms for freehold and leasehold properties. Additionally, the sources explain the Law Society Conveyancing Protocol, a set of guidelines for residential transactions, and thoroughly describe the exchange stage, including the use of Standard Conditions of Sale, Special Conditions, and the various Law Society Formulae (A, B, and C) used to legally bind the transaction.
An extensive overview of various funding options for legal services, primarily focusing on the obligations of solicitors in the United Kingdom regarding transparency and costs. Key funding methods discussed include the Private Retainer, which involves upfront or periodic client payments, and Legal Aid, which is criminal and civil financial support for those unable to afford representation, dependent on strict means and merits tests. The text also explains Conditional Fee Arrangements (CFAs), known as "no win, no fee" agreements that include a success fee, and Damages Based Agreements (DBAs), where the solicitor receives a percentage of the recovered damages, both of which are heavily regulated by fee caps. Furthermore, the source examines Legal Expenses Insurance, split into Before the Event (BTE) and After the Event (ATE) coverage, and Third-Party Funding, where an external entity finances litigation for a share of the proceeds. Throughout the document, the SRA Code of Conduct and Transparency Rules are emphasized, mandating that solicitors must provide clear, forward-looking cost information to clients or face severe repercussions.
An overview of overriding legal obligations for solicitors in the UK, focusing heavily on Anti-Money Laundering (AML) regulations and the Equality Act 2010, alongside the framework for Financial Services regulation. The first source details the nine protected characteristics under the Equality Act and defines various forms of discrimination, including direct and indirect discrimination. The second source explains the three stages of money laundering, sets out the requirements of the Proceeds of Crime Act 2002 (POCA)—including direct and non-direct involvement offences—and outlines solicitors' duties for reporting suspicious activity and conducting Customer Due Diligence (CDD). Finally, the third source discusses the Financial Services and Markets Act 2000 (FSMA), detailing the need for authorization from bodies like the FCA and the key exemptions that permit legal firms to carry out limited, incidental financial activities under the SRA's regulation.
A comprehensive overview of the UK legal regulatory landscape, focusing primarily on the Solicitors Regulation Authority (SRA) and its mechanisms for ensuring public protection. The sources explain the seven core SRA Principles, which establish the ethical obligations for solicitors and regulated firms, emphasizing that the public interest and the rule of law take priority over an individual client's interests, particularly in cases of conflict. Furthermore, the documents detail the SRA’s risk-based regulatory approach, where supervision and resources are targeted at firms posing the highest risk to the public. Finally, the sources outline the crucial role of Professional Indemnity Insurance (PII) in safeguarding clients against professional negligence and define the reserved legal activities that, by law, can only be performed by authorized and regulated professionals to maintain the integrity of the justice system.
A comprehensive overview of the Solicitors Regulation Authority (SRA), an independent body established in 2007 to regulate solicitors in England and Wales. The SRA’s core mission is to uphold high professional and ethical standards in the legal profession, serving to protect the public and ensure the rule of law is supported. Its regulatory objectives, outlined in the Legal Services Act 2007, range from protecting consumer interests to promoting competition and access to justice. Functionally, the SRA manages the education and qualification requirements, including the Solicitors Qualifying Examination (SQE), and enforces a strict Code of Conduct through disciplinary actions for breaches. Finally, the SRA also extends its regulation to law firms to ensure proper business practices and client protection, funded by fees paid by practicing solicitors.
A comprehensive overview of English land law, focusing on the nature of proprietary rights, ownership structures, and security interests. The documents explain the fundamental distinction between freehold (indefinite) and leasehold (temporary) tenure, defining the only two legal estates recognized in law. They detail mechanisms for protecting property interests, such as registered land titles, overriding interests, and the concept of overreaching in trusts. Furthermore, the texts explore specific proprietary rights, including the creation and characteristics of easements and freehold covenants, and outline the extensive remedies, duties, and priorities associated with mortgages, particularly the lender's powers of possession and sale. Finally, the sources clarify the rules of co-ownership, contrasting joint tenancy (with the right of survivorship) and tenancy in common (with distinct shares), and explain the use of the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) to resolve co-owner disputes.
1A comprehensive legal overview of leases, defining them as agreements granting exclusive possession of property for a specified period, distinct from mere licenses. It details the essential characteristics required for a valid lease, including lawful duration, exclusive possession, and compliance with formalities, referencing the landmark case Street v Mountford. Furthermore, the text thoroughly explains the relationships between parties—landlord, tenant, and subtenant—and discusses the role of covenants in regulating obligations such as rent and repairs. Finally, the source addresses the complex principles of privity of contract and privity of estate, differentiating between old (pre-1996) and new (post-1996) leases, and outlines the various remedies for breach, including forfeiture and self-help, as well as the diverse methods by which a lease can be terminated.
A comprehensive overview of the rules governing litigation costs in civil proceedings under the Civil Procedure Rules (CPR). They explain the distinction between Fixed Recoverable Costs (FRC), which apply to Fast Track and the new Intermediate Track cases, and Assessed Costs (Summary and Detailed Assessment), which remain standard for complex Multi-Track cases involving higher values. The texts detail key procedural mechanisms designed to manage costs, such as costs budgeting using Precedent H and R reports for Multi-Track cases, and the strict sanctions for non-compliance with filing deadlines. Furthermore, the documents examine inter-partes costs orders (interim and final), the impact of Part 36 offers on costs recovery, and the court’s power to impose liability on third parties through Non-Party Costs Orders and Wasted Costs Orders.
A comprehensive overview of the key procedural stages and rules governing civil litigation in England and Wales, focusing on issues such as jurisdiction and track allocation based on claim value and complexity. Significant attention is given to the limitation periods for various claims, exceptions for minors and latent damage, and the crucial role of Pre-Action Protocols in promoting early settlement and fair conduct. The material details the formal process of issuing and responding to claims, including the requirements for a defence, counterclaim, and the consequences of procedural failures like default judgment or non-compliance with disclosure obligations. Finally, the texts explain the rules surrounding evidence, expert witnesses, trial procedure, and the mechanisms for enforcement of judgments, such as charging orders and writs of control, alongside the criteria for appeals.
A comprehensive overview of the key procedural stages and rules governing civil litigation in England and Wales, focusing on issues such as jurisdiction and track allocation based on claim value and complexity. Significant attention is given to the limitation periods for various claims, exceptions for minors and latent damage, and the crucial role of Pre-Action Protocols in promoting early settlement and fair conduct. The material details the formal process of issuing and responding to claims, including the requirements for a defence, counterclaim, and the consequences of procedural failures like default judgment or non-compliance with disclosure obligations. Finally, the texts explain the rules surrounding evidence, expert witnesses, trial procedure, and the mechanisms for enforcement of judgments, such as charging orders and writs of control, alongside the criteria for appeals.
An extensive overview of various mechanisms for dispute resolution, distinguishing between litigation (the formal court process) and Alternative Dispute Resolution (ADR), which includes negotiation, mediation, and arbitration. It outlines the characteristics of civil and criminal disputes, explaining that civil conflicts between private parties involve areas like tort and contract law, and clarifies the difference between compensation (monetary payment) and remedy (the broader term for all legal relief). Crucially, the text emphasizes the solicitor's duty to advise clients on ADR methods, which are generally preferred for being more efficient and cost-effective than court proceedings, but notes exceptions where ADR may be inappropriate, such as cases requiring urgent relief or where a party lacks good faith. Finally, the document details the binding nature of arbitration awards compared to non-binding mediation agreements, which must be enforced as a breach of contract claim if breached.
A comprehensive overview of the criminal justice process in England and Wales, focusing on key stages from arrest through appeal. The texts detail the procedures and legal principles governing bail for suspects, highlighting the presumption in favor of release and the conditions under which bail can be denied. Furthermore, the documents explain the pre-trial stages, including the allocation of cases between the Magistrates' Court and the Crown Court based on offense severity, and the importance of case management for ensuring fair and efficient trials. Extensive information is provided on trial procedure, addressing the prosecution's burden of proof, the rules governing the admissibility of evidence (such as confession and bad character evidence), and the use of adverse inferences from a defendant's silence. Finally, the sources outline the principles of sentencing, including mitigating factors and the use of Newton hearings to resolve factual disputes, along with the appeal procedures for both conviction and sentence.
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