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Ready to buy a new home? Failing to check that a lawyer is on the Kensington Mortgage list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Kensington Mortgage Company Ltd Conveyancing Panel? How can my firm be reinstated onto the Kensington Mortgage Company Ltd Conveyancing Panel?Find an Approved Solicitor on the Kensington Mortgage Company Ltd Conveyancing Panel
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What is the rationale as to why all solicitors are not on the Kensington Mortgage Solicitor panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My son-in-law is in the process of securing a newly built flat with a home loan from Kensington Mortgage. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kensington Mortgage conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kensington Mortgage conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I see that you have a search directory identifying firms on the Kensington Mortgage conveyancing panel. Do firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Kensington Mortgage conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I would like to get my former partner taken off the mortgage deeds. Can Kensington Mortgage really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Kensington Mortgage then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Kensington Mortgage solicitors panel
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kensington Mortgage be concerned
As you are obtaining a mortgage with Kensington Mortgage your lawyer must to check the Kensington Mortgage conveyancing instructions contained in the Part of CML Handbook for Kensington Mortgage . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Kensington Mortgage where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Kensington Mortgage. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Kensington Mortgage involved you will need to appoint a solicitor on the Kensington Mortgage conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Kensington Mortgage. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Kensington Mortgage conveyancing panel.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Kensington Mortgage?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Kensington Mortgage conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Kensington Mortgage and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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