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Find a Sparkhill Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Sparkhill? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Sparkhill home move at risk of delay or failure.

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Recently asked questions about conveyancing in Sparkhill

My fiance and I are planning to buy a flat in Sparkhill and have appointed a Sparkhill conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nottingham Building Society have this evening contacted us to advise us that they have now hit a problem as our Sparkhill lawyer is not on their approved list of lawyers. Please explain?

If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Sparkhill solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.

Our solicitor has identified a a problem with the lease for the apartment we are purchasing in Sparkhill. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the lender?

The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.

Are the BSA intent on creating a searchable register to list firms on the Darlington Building Society conveyancing panel for example in Sparkhill?

Lexsure has not been advised of any plans on the part of the BSA to develop such a tool.

three months have elapsed following my purchase conveyancing in Sparkhill concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

Why do Sparkhill conveyancing fees are higher for leasehold and freehold properties?

When purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control

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