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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.
Looking for information about your firm's panel status?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?
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Examples of recent questions relating to the Kensington Mortgage Conveyancing Panel
Is there a reason why all solicitors aren't included on the Kensington Mortgage Solicitor panel?
As unjust as it may seem for Kensington Mortgage to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Kensington Mortgage have restricted their panel of approved conveyancing lawyers to a size that they are happy to control. The Kensington Mortgage conveyancing panel is not the most exclusive of all lenders
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Kensington Mortgage. Apparently, being on the Kensington Mortgage conveyancing panel and acting on their behalf he must inform Kensington Mortgage if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Kensington Mortgage to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Kensington Mortgage if you agree, failing which, your lawyer must cease to continue acting.
Are the lawyers identified as being on the Kensington Mortgage conveyancing panel, together with their details provided by Kensington Mortgage?
The firms themselves provide us confirmation that they are on the Kensington Mortgage conveyancing panel as opposed to being supplied with a list from Kensington Mortgage directly.
Can you clarify what the consequences are if my solicitor is removed from the Kensington Mortgage Solicitor panel in advance of the completion date?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Kensington Mortgage conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
For 5 years I had a mortgage with Kensington Mortgage. My grandfather retired last week and wants to pay off the mortgage left on the property. After Kensington Mortgage is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Kensington Mortgage conveyancing panel? I do not intend to live at the property once the Kensington Mortgage mortgage is discharged.
You will need a solicitor but they need not be on the Kensington Mortgage conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
Planning on purchasing a house with a mortgage with Kensington Mortgage. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kensington Mortgage conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Kensington Mortgage conveyancing panel