Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version

Client or office money? Money held to sender's order where sender is not a client of the firm. - Client money. See r12.1 Client or office money? Money held or received as stakeholder, where firm is conducting a transaction for a principal of the firm. - Client money. Stakeholder money is always client money. See r12.2(b) Client or office money? Money received for any paid disbursement. - Office money. Doesn't matter what the nature of the disbursement is. See r12.7(c)(ii) Client or office money? Money received for an unpaid professional disbursement. - Client money. See 12.7(c)(iii) Client or office money? Money received for an unpaid non-professional disbursement. - Office money. See 12.7(c)(iii) When acting for both borrower and lender on a mortgage advance, separate client ledger accounts for both clients need not be opened provided what circumstances are present?