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Solicitors will be put to a tremendous disadvantage if the SRA prevent firms from holding such reservation deposits as estate agents will understandably have to point them to licensed conveyancers.

The SRA are clearly wrong in the interpretation of the rules but this is probably more down to a hidden agenda of the SRA rather than the SRA's dubious competence that regrettably appears to be repeatedly called into question these days.

Those expecting any support from the Law Society to take issue with the SRA may have a very long wait.

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