Property Law and Practice (PRL): essential SQE1 knowledgeProperty Law and Practice is examined in FLK2. Together with Solicitors’ Accounts questions arising in conveyancing, it represents 14–20% of th…
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Overview
Property Law and Practice (PRL): essential SQE1 knowledge
Property Law and Practice is examined in FLK2. Together with Solicitors’ Accounts questions arising in conveyancing, it represents 14–20% of the 180-question paper, approximately 25–36 questions. Ethics and professional conduct are assessed pervasively. Official SRA SQE1 blueprint
PRL concerns the practical conduct of freehold and leasehold transactions. It should be distinguished from Land Law, which separately examines the underlying legal and equitable interests in land.
The principal examinable areas are:
Freehold transactions
Leasehold transactions
Commercial leases
Planning and building regulations
Property taxation
Solicitors’ Accounts in a property context
1. Structure of a property transaction
Candidates should understand the usual stages:
Taking instructions and client identification
Checking conflicts, source of funds and financing
Preparing or receiving the contract package
Investigating title
Searches and enquiries
Mortgage and lender requirements
Reporting to the client
Signing documents and obtaining the deposit
Exchange of contracts
Pre-completion searches and arrangements
Completion
Tax submission and payment
Registration
Reporting to the client and lender
You should know which party’s solicitor performs each step and the correct chronological order.
2. Taking instructions and regulatory checks
At the outset, establish:
Identity of the client
Identity of the beneficial owner
Client’s capacity and authority
Property and transaction details
Price and financing
Proposed use
Desired timescale
Ownership arrangements
Source of funds and source of wealth
Whether the client is selling another property
Whether the transaction creates an increased AML risk
Whether the firm also acts for the lender or another party
Candidates should identify:
Conflicts of interest
Confidentiality issues
Mortgage fraud indicators
Tax-evasion risks
Financial-sanctions concerns
Unusual third-party funding
Discrepancies between the price, valuation and mortgage application
A solicitor cannot rely entirely on an estate agent’s identification checks.
3. Law Society Conveyancing Protocol
Candidates should understand the Protocol’s purpose:
Efficient conduct of residential conveyancing
Clear division of responsibilities
Standard forms and procedures
Early provision of relevant information
Cooperation without compromising the client’s interests
Reduction of avoidable delay
The Protocol does not override:
The client’s instructions
Professional duties
Contractual obligations
AML requirements
4. Investigation of registered title
Candidates must be able to analyse Land Registry official copies.
Property Register
Usually contains:
Description of the land
Reference to the title plan
Legal estate
Easements benefiting the property
Inclusion or exclusion of mines, minerals or other rights
Proprietorship Register
Usually contains:
Registered proprietor
Class of title
Restrictions
Price paid information
Limitations on disposition
Charges Register
Usually contains:
Registered charges
Restrictive covenants
Easements burdening the land
Notices protecting third-party interests
Other encumbrances
Candidates should determine:
Whether the seller owns the land
Whether all land expected by the buyer is included
Whether rights of access and services are adequate
Whether restrictions prevent registration
Which charges must be discharged
Which covenants affect the intended use
Whether further documents or enquiries are required
5. Title plan and physical inspection
The title plan usually shows general boundaries, not necessarily the exact legal boundary.
Candidates should compare:
Official copies
Title plan
Contract plan
Physical occupation
Property information forms
Survey and valuation
Client’s understanding of the property
Possible problems include:
Part of the garden outside the title
Encroachment
Unregistered access
Missing parking space
Boundary discrepancy
Flying freehold
Lack of drainage or service rights
Occupiers with potential rights
Adverse possession
The solicitor investigates legal title; the surveyor generally investigates physical condition.
6. Classes of registered title
Know the significance of:
Absolute title
Possessory title
Qualified title
Good leasehold title
Absolute title provides the strongest registered title. Other classes may require:
Further investigation
Supporting evidence
Title indemnity insurance
Application for upgrading
Lender approval
Advice about residual risk
7. Restrictions and notices
Candidates should distinguish:
Notice: protects the priority of an interest affecting a registered estate.
Restriction: regulates whether and how a disposition may be registered.
Common restrictions relate to:
Co-ownership
Trusts of land
Insolvency
Company requirements
Consent under a covenant
Compliance with a deed
The buyer’s solicitor must identify how each restriction will be satisfied, withdrawn or cancelled.
8. Investigation of unregistered title
The seller must deduce title through an epitome or abstract of title supported by title deeds.
Candidates should know:
Good root of title
Documentary chain of ownership
Execution and stamping of deeds
Description of the land
Mortgages and discharges
Grants of representation
Powers of attorney
Land Charges searches
Bankruptcy searches
Doctrine of notice where still relevant
Triggering first registration
A good root should ordinarily:
Be at least 15 years old
Deal with the whole legal and equitable interest
Adequately describe the land
Cast no doubt on the title
Completion of a qualifying disposition normally triggers compulsory first registration.
9. Problems revealed by title investigation
Candidates should be able to recommend the appropriate response to:
Defective title
Missing deeds
Restrictive covenant
Absent easement
Unregistered part of the property
Undischarged mortgage
Restriction on disposition
Occupier’s interest
Breach of covenant
Adverse possession
Flying freehold
Chancel repair risk
Defective lease
Lack of planning or building-regulations approval
Possible responses include:
Further enquiries
Seller’s evidence
Deed of variation
Deed of release
Express grant of easement
Retention
Price reduction
Indemnity covenant
Title indemnity insurance
Lender consent
Withdrawal from the transaction
Do not contact a person who could enforce a defect before considering whether doing so would invalidate the availability of indemnity insurance.
10. Pre-contract searches
Candidates should know the purpose of the main searches.
Search
Principal matters revealed
Local authority search
Planning, building control, highways, enforcement and local land charges
Drainage and water search
Mains water, sewer connections and public sewers
Environmental search
Contaminated land, flooding and environmental risks
Chancel search
Potential chancel-repair liability
Coal or mining search
Mining activity, shafts, subsidence and claims
Highways search
Adopted highway status and access
Commons registration search
Common land or village-green status
Company search
Status and charges affecting a corporate party
Bankruptcy search
Bankruptcy risk affecting an individual borrower
Land Charges search
Interests affecting unregistered land
Index map search
Whether land is already registered
Additional searches depend on location and use, such as:
Flooding
Ground stability
Rail infrastructure
Energy infrastructure
HS2
Tin, brine or limestone mining
Planning development
Utilities
The buyer normally bears responsibility for searches, unless the contract or transaction provides otherwise.
11. Enquiries before contract
Candidates should understand the purpose of:
Property Information Form
Fittings and Contents Form
Leasehold Information Form
Commercial Property Standard Enquiries
Specific additional enquiries
Enquiries may concern:
Boundaries
Disputes
Occupiers
Alterations
Planning consent
Building regulations
Guarantees
Services
Insurance claims
Environmental matters
VAT
Tenancies
Service charges
Notices
Capital allowances
The rule of caveat emptor makes proper investigation important, but the seller must answer enquiries honestly and must not make a misrepresentation.
From 1 September 2026, the blueprint expressly emphasises the issues arising from search and enquiry results, not merely knowing which search to order.
12. Reporting to the buyer
Before exchange, the buyer should receive a clear report explaining:
Legal title
Property boundaries
Rights benefiting the property
Covenants and burdens
Search results
Enquiry responses
Planning position
Mortgage terms
Deposit
Insurance and risk
Contract obligations
Completion arrangements
Tax liability
Joint-ownership options
Material risks and unresolved matters
The client must have enough information to make an informed decision before becoming contractually bound.
13. Finance and mortgages
Candidates should understand common sources of finance:
Cash
Institutional mortgage
Bridging finance
Private loan
Sale proceeds
Gifted deposit
Help or contribution from family
Types of mortgage may include:
Repayment
Interest-only
Fixed rate
Variable or tracker rate
Commercial lending
A gifted deposit or third-party contribution raises questions about:
Identity
Source of funds
Undue influence
Beneficial ownership
Whether the donor will occupy the property
Lender disclosure
Insolvency risk
14. Acting for buyer and lender
A solicitor commonly acts for both where their interests substantially align, but must follow:
Mortgage instructions
UK Finance Mortgage Lenders’ Handbook
Specific lender requirements
SRA conflict rules
The solicitor must report matters material to the lender, including:
Price discrepancies
Incentives or cashback
Gifted deposits
Occupiers
Defective title
Adverse search results
Short lease
Unauthorised alterations
Sub-sales or back-to-back transactions
Inadequate rights
Failure to satisfy mortgage conditions
If the buyer refuses permission to disclose a material matter, the solicitor may have to cease acting for both parties.
15. Certificate of title
The certificate of title normally confirms to the lender that:
Title is satisfactory
Mortgage conditions have been satisfied
The solicitor can request and use mortgage funds
The lender’s charge will obtain the required priority
There are no undisclosed material problems
It should not be issued before the solicitor can properly give the necessary confirmations.
A false or careless certificate may expose the solicitor to:
Negligence liability
Breach of trust
Disciplinary action
Liability for mortgage fraud
16. Drafting the sale contract
The seller’s solicitor usually prepares the draft contract package.
Candidates should know the importance of:
Parties
Property
Title number
Price
Deposit
Incumbrances
Completion date
Vacant possession or occupational arrangements
Title guarantee
Fixtures and contents
Special conditions
VAT
Chattels
Existing mortgages
Incorporated standard conditions
From 1 September 2026, the specification expressly identifies drafting the sale contract as examinable.
17. Standard conditions
The relevant forms commonly include:
Standard Conditions of Sale for residential transactions
Standard Commercial Property Conditions for commercial transactions
Candidates should understand their general operation concerning:
Deposit
Title
Risk
Insurance
Completion
Late completion
Interest
Notice to complete
Vacant possession
Remedies
Special conditions modify or supplement the standard conditions and prevail where inconsistent.
18. Deposit
A conventional deposit is normally 10% of the purchase price, although a lower amount may be accepted.
The deposit may be held:
As stakeholder
The seller’s solicitor holds it for both parties and cannot normally release it to the seller before completion.
As agent for the seller
Payment to the seller’s solicitor is treated as payment to the seller, permitting earlier release but increasing the buyer’s risk if the seller fails to complete.
Candidates should also understand:
Reduced deposits
Deposit top-up liability
Use of a deposit in a chain
Deposit arrangements in auctions
Consequences following buyer default
19. Insurance and passing of risk
Under the usual contractual position, risk may pass to the buyer at exchange.
The buyer should therefore arrange buildings insurance from exchange unless:
The contract provides otherwise
The lender arranges insurance
Leasehold arrangements make the landlord responsible
The transaction follows a different risk provision
Passing of risk does not necessarily mean legal title or possession has passed.
20. Authority and methods of exchange
Candidates should know:
The solicitor requires the client’s authority to exchange
The contract must be signed
Deposit and finance must be addressed
Completion date must be agreed
Material issues should be resolved
The solicitor must follow the agreed exchange method
Telephone exchange commonly uses the Law Society formulae:
Formula A
Formula B
Formula C
From 1 September 2026, the formulae for exchange are expressly identified in the specification.
21. Consequences of exchange
On exchange:
A binding contract arises
The completion date becomes fixed
The buyer normally assumes contractual risk
The deposit becomes payable
Equitable ownership generally passes to the buyer
The seller holds the property subject to the contract
Neither party may withdraw without consequences
Failure to complete may trigger contractual remedies
Before exchange, either party can ordinarily withdraw without liability for the other party’s conveyancing costs, subject to misrepresentation, lock-out arrangements or other independent obligations.
22. Pre-completion steps
The buyer’s solicitor should deal with:
Transfer deed
Mortgage deed
Completion statement
Final client funds
Mortgage advance
Pre-completion searches
Insurance
Apportionments
Execution of documents
Completion arrangements
Certificate of title
From September 2026, the blueprint expressly includes financial considerations and apportionments within pre-completion work.
23. Pre-completion searches
Registered land
An official search with priority protects the buyer’s intended disposition for the priority period.
Unregistered land
A full Land Charges search is made against the correct names of estate owners for the relevant period.
Mortgage buyer
A bankruptcy search is made against the borrower.
Candidates should know:
Correct names are critical
Search results must be checked
Priority periods must not expire
Completion and registration should occur within the protected period
24. Transfer deed
A transfer of registered freehold land commonly uses Form TR1.
Candidates should understand:
Parties
Property
Consideration
Title guarantee
Trust declaration
Additional provisions
Execution as a deed
Where two or more individuals buy property, the declaration of trust should clarify whether they hold beneficially as:
Joint tenants
Tenants in common in equal shares
Tenants in common in specified shares
The solicitor should advise separately on the legal and practical consequences.
25. Completion
Completion normally involves:
Transfer of completion money
Release of keys
Dating the transfer
Discharge of existing mortgage arrangements
Transfer of possession
Completion of contractual obligations
Completion may take place:
By post under the relevant completion code
In person, although now uncommon
Through another contractually agreed mechanism
The seller’s solicitor must comply with undertakings, particularly those relating to redemption of existing charges.
26. Delayed completion
Candidates should distinguish the remedies:
Contractual compensation
Interest or compensation payable under the contract for the period of delay.
Common-law damages
Available for loss caused by the breach, subject to ordinary contractual principles.
Notice to complete
Usually makes time of the essence and requires completion within the contractual notice period.
Rescission
May become available if the defaulting party fails to comply with a valid notice to complete.
Consequences may include:
Loss or return of deposit
Interest
Damages
Resale losses
Costs
Specific performance in an appropriate case
A delay does not always permit immediate rescission. Usually, the contractual notice procedure must first be followed.
27. Post-completion steps
The buyer’s solicitor must normally:
Submit the appropriate property-tax return
Pay SDLT or LTT
Obtain the tax certificate
Apply to register the transfer
Register the lender’s charge
Deal with restrictions
Serve required leasehold notices
Pay registration and notice fees
Check the updated register
Report to the client and lender
Store or send relevant documents
Failure to register promptly can jeopardise priority and may leave the buyer with only an equitable interest.
28. SDLT and LTT
Candidates must distinguish:
Stamp Duty Land Tax: land transactions in England
Land Transaction Tax: land transactions in Wales
Candidates should understand the basis of charge for:
Residential freehold property
Non-residential freehold property
Chargeable consideration
Higher-rate residential acquisitions
Mixed-use property
Linked transactions
Available reliefs at a functioning level
For examinations after September 2026, where candidates must apply particular tax rates, thresholds, exemptions or relief values, those monetary figures will be provided. Candidates still need to know which rules apply and how to calculate the liability.
29. VAT
Candidates should distinguish:
Standard-rated supplies
Zero-rated supplies
Exempt supplies
Supplies outside the scope of VAT
The sale or letting of land is commonly exempt, but important exceptions exist.
Option to tax
A commercial owner may opt to tax so that:
Rent or sale proceeds become subject to VAT
Input tax on relevant expenditure may potentially be recovered
The option can significantly affect:
Purchase price
Deposit
SDLT calculation
Rent
Cash flow
Contract drafting
Candidates should also recognise the possible application of transfer-of-a-going-concern treatment.
30. Capital Gains Tax and Private Residence Relief
Candidates should understand:
Disposal proceeds
Acquisition cost
Allowable expenditure
Chargeable gain
Exemptions and reliefs
Private Residence Relief
Private Residence Relief may reduce or eliminate a gain where the property has been the individual’s only or main residence, subject to:
Periods of occupation
Deemed occupation
Final-period relief
Exclusive business use
Letting or absence
Extent of permitted grounds
Property tax questions test rule selection and calculation, rather than tax planning at specialist level.
31. Commercial lease structure
Candidates should understand the principal clauses concerning:
Term
Rent
Rent review
Repair
Insurance
Service charge
Alterations
User
Planning
Alienation
Assignment
Underletting
Break clauses
Re-entry and forfeiture
Guarantee or rent deposit
Contracting out of security of tenure
The Code for Leasing Business Premises informs fair negotiation and drafting but is not itself a substitute for the lease.
32. Repairing obligations
Candidates should distinguish:
Tenant’s repairing covenant
Landlord’s repairing obligation
Full repairing and insuring lease
Internal-only repair
Schedule of condition
Service-charge recovery
Reinstatement at the end of the term
A covenant to “keep” premises in repair may require the tenant to put them into repair even if they were already defective when the lease began, subject to construction of the lease.
A schedule of condition may limit the tenant’s exposure.
33. Insurance
Commercial leases commonly provide that:
Landlord insures the building
Tenant reimburses the premium
Rent may be suspended following insured damage
Landlord applies proceeds to reinstatement
Uninsured risks are dealt with separately
Candidates should consider:
Insured risks
Exclusions
Reinstatement
Rent suspension
Termination if reinstatement is impossible
Tenant’s obligation not to invalidate the policy
34. Alterations and user
Alteration covenants may be:
Absolute
Qualified
Fully qualified
Candidates should distinguish:
Structural alterations
Non-structural alterations
Improvements
Internal works
Reinstatement obligations
User clauses restrict how premises may be used. Even if the lease permits a use, separate planning permission may still be required.
35. Rent review
Candidates should understand the basic structure of an open-market rent review:
Review date
Hypothetical lease
Assumptions
Disregards
Comparable evidence
Review procedure
Dispute resolution
Interim rent and backdating
A traditional upward-only review prevents the rent from falling below the existing rent, even if market rent has decreased.
36. Alienation
Alienation clauses regulate:
Assignment
Underletting
Charging
Sharing occupation
Parting with possession
Where consent is required, relevant principles include:
Landlord and Tenant Act 1927
Landlord and Tenant Act 1988
Reasonableness
Reasonable conditions
Time for giving a decision
Authorised guarantee agreement
A tenant should not proceed without consent merely because it believes refusal would be unreasonable.
37. Grant of a lease or underlease
Candidates should understand:
Heads of terms
Agreement for lease
Draft lease
Landlord’s title
Searches and enquiries
Planning and use
Mortgagee’s consent
Execution
Completion
SDLT or LTT
Land Registry requirements
Notices and registration
An agreement for lease is particularly useful where obligations must be performed before the lease is granted, such as:
Construction work
Planning consent
Fit-out
Provision of a guarantor
Completion of another transaction
38. Assignment of a lease
The assignment process may require:
Contract for assignment
Investigation of leasehold title
Review of lease covenants
Replies to commercial property enquiries
Landlord’s consent
Licence to assign
Authorised guarantee agreement
Rent deposit
Deed of assignment or transfer
Apportionment of rent and service charge
Tax return
Notice of assignment and charge
Land Registry application
From September 2026, drafting the contract for assignment is expressly included in the specification.
39. Licence to assign or underlet
Candidates should know:
Tenant usually applies for consent
Landlord’s solicitor usually prepares the licence
Tenant commonly pays the landlord’s reasonable legal costs
Assignee or undertenant may enter direct covenants
Existing guarantors and authorised guarantee agreements must be considered
Superior landlord or lender consent may also be necessary
The licence documents the consent; it does not replace the assignment or underlease itself.
40. Liability under leasehold covenants
The rules differ according to when the lease was granted.
Lease granted before 1 January 1996
Original parties may remain liable through privity of contract even after assignment.
Lease granted on or after 1 January 1996
Under the Landlord and Tenant (Covenants) Act 1995:
Tenant is generally released on lawful assignment
Benefit and burden of relevant covenants pass automatically
Assigning tenant may be required to enter an authorised guarantee agreement
Former landlord may obtain release in prescribed circumstances
This distinction is highly examinable.
41. Remedies for breach of lease covenant
Candidates should know:
Debt action
Damages
Specific performance
Injunction
Forfeiture
Commercial Rent Arrears Recovery
Claim against guarantor
Rent-deposit withdrawal
Self-help under a Jervis v Harris clause
The appropriate remedy depends on:
Type of covenant
Lease wording
Nature of breach
Whether the breach is remediable
Statutory procedural requirements
Availability of relief
42. Forfeiture
For breaches other than non-payment of rent, the landlord normally requires a valid section 146 notice specifying:
The breach
Whether it is capable of remedy
Required remedy
Compensation, where appropriate
Candidates should understand:
Waiver of the right to forfeit
Peaceable re-entry
Court proceedings
Relief from forfeiture
Special rules for rent arrears
Restrictions affecting residential premises
Procedural protection for repair breaches
Demanding or accepting rent with knowledge of a continuing breach may waive the right to forfeit for that breach.
43. Commercial Rent Arrears Recovery
CRAR permits recovery of qualifying commercial rent from goods at commercial premises, subject to statutory conditions.
Candidates should know:
It applies principally to commercial premises
Minimum arrears and notice requirements apply
Enforcement agents must be used
It concerns qualifying rent rather than every sum under the lease
Exercising CRAR may have consequences for forfeiture
It replaced the old common-law remedy of distress
44. Termination of leases
A lease may terminate through:
Expiry or effluxion of time
Break clause
Surrender
Merger
Forfeiture
Notice under statutory security-of-tenure provisions
Candidates should distinguish:
Express surrender by deed
Surrender by operation of law
Contractual break
Statutory termination
Merger of leasehold and reversionary interests
Break conditions are ordinarily construed strictly. Failure to satisfy a condition may make the break ineffective.
45. Landlord and Tenant Act 1954 Part II
This is a major examination area.
The Act generally protects a tenant occupying premises for business purposes, unless:
The tenancy falls outside the Act, or
The parties validly contracted out before the lease was granted
Protection means:
The tenancy does not simply end on the contractual expiry date
The tenant may seek a new tenancy
The landlord may terminate through the statutory procedure
The landlord may oppose renewal only on statutory grounds
46. Contracting out of the 1954 Act
Before granting the lease:
Landlord serves the prescribed warning notice.
Tenant makes the required declaration.
Lease records the exclusion agreement.
Depending on timing, the tenant may need:
A simple declaration, or
A statutory declaration
If the statutory procedure is not completed correctly, the tenant may retain security of tenure.
47. Renewal and termination notices
Candidates should understand the functions of:
Landlord’s section 25 notice
Tenant’s section 26 request
Tenant’s section 27 notice
Key points include:
Prescribed form
Statutory timing
Proposed terms
Grounds of opposition
Court-application deadline
Possibility of agreed extensions
Continuation of tenancy pending termination or renewal
Missing the court deadline can cause the tenant to lose renewal rights.
48. Grounds for opposing renewal
The landlord’s grounds under section 30(1) include, broadly:
The landlord must establish the relevant intention with sufficient firmness and a realistic prospect of implementation.
49. Terms of the renewal lease
If the parties cannot agree, the court may determine:
Property comprised in the tenancy
Rent
Duration
Other terms
The statutory maximum term is generally 15 years.
The attached official FLK2 sample paper directly tests this point: the court may order a new tenancy on terms determined under the 1954 Act for a term not exceeding 15 years.
50. Planning law
Candidates should understand the statutory meaning of development:
Operational development
Material change of use
Examples of operational development include:
Building
Engineering
Mining
Other operations in, on, over or under land
Not every physical change or change of activity constitutes development.
51. Matters not requiring express planning permission
Candidates should recognise:
Internal works not materially affecting external appearance
Changes within the same use class, where applicable
Permitted development
Existing lawful use
Works falling outside the statutory definition
Development authorised by a development order
Planning permission must be distinguished from:
Building-regulations approval
Listed-building consent
Conservation-area controls
Landlord’s consent
Restrictive covenants
Obtaining one does not automatically satisfy the others.
52. Planning enforcement
Candidates should know the general range of enforcement mechanisms:
Planning contravention notice
Enforcement notice
Breach-of-condition notice
Stop notice
Temporary stop notice
Injunction
Prosecution in appropriate cases
They should understand:
Enforcement time limits
Appeals
Lawful development certificates
Consequences for purchasers and lenders
Importance of examining the precise date and nature of the breach
53. Building regulations
Building regulations concern matters such as:
Structural safety
Fire protection
Ventilation
Energy efficiency
Drainage
Accessibility
Candidates should distinguish:
Planning permission
Building-regulations approval
Completion certificate
Competent-person certification
Enforcement
Title indemnity insurance
A lack of documentation may require further evidence, regularisation, lender approval or insurance.
54. Solicitors’ Accounts in conveyancing
Solicitors’ Accounts may be examined within Property Practice questions.
Candidates should understand:
Receipt of deposit
Mortgage advance
Client’s completion money
Redemption money
SDLT or LTT funds
Land Registry fees
Search fees
Apportionments
Estate-agent commission
Professional fees and VAT
Transfers between client ledgers
Payments from client account
Completion statements
Core principles include:
Keep client money separate
Do not use one client’s money for another
Withdraw only for a permitted purpose
Maintain sufficient funds for the particular client
Correct breaches promptly
Do not use client account as a banking facility
55. Essential accounts distinction
Client money
Includes money held or received:
Relating to regulated services
On behalf of a client or third party
As trustee or office holder, where applicable
For fees before a bill or other written notification of costs has been given
Business money
Includes money belonging to the firm, such as:
Paid professional fees after delivery of a bill
Reimbursement of paid disbursements
Firm’s own funds
A completion statement is not necessarily the same thing as a bill of costs.
Highest-priority PRL topics
For examination purposes, prioritise:
Registered title and official copies
Unregistered title and good root of title
Searches and enquiries
Acting for buyer and lender
Contract terms, deposit and exchange
Pre-completion searches
Completion and registration
Delayed-completion remedies
Lease grant and assignment
Lease covenants and remedies
Pre-1996 versus post-1995 lease liability
Landlord and Tenant Act 1954
Planning and building regulations
SDLT versus Welsh LTT
VAT and option to tax
Conveyancing accounts entries
Ethics, conflicts, AML and mortgage fraud
Best PRL question method
For every scenario, ask:
Is the property in England or Wales?
Is it registered or unregistered?
Is it freehold or leasehold?
Is the transaction residential or commercial?
Is the solicitor acting for the buyer, seller, landlord, tenant or lender?
What stage has the transaction reached?
Has exchange occurred?
What defect, search result or covenant creates the problem?
What must be reported to the client or lender?
What document, search, consent, remedy or registration is required next?
The authoritative syllabus is the current SRA FLK2 specification. For assessments from 1 September 2026, use the revised FLK2 specification, which adds several clarifications but does not fundamentally restructure Property Law and Practice.