Find an Approved Solicitor on the Kensington Mortgage Company Ltd
Conveyancing Panel
FAQs : The Kensington Mortgage Solicitor Panel
I am in the process of selling my flat and the EA has just telephoned to say that the buyers are changing their solicitor. The excuse is that Kensington Mortgage will only work with solicitors on their approved list. Why would a leading lender only deal with certain solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My partner and I intend to remortgage our maisonette with Kensington Mortgage. We have a son 18 who lives with us. The solicitor on the Kensington Mortgage conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the Kensington Mortgage conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Kensington Mortgage conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kensington Mortgage .This is solely used to protect the Kensington Mortgage if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kensington Mortgage had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Kensington Mortgage conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am trying to get my ex-husband taken off the mortgage deeds. Can Kensington Mortgage really insist on which solicitor I can or can not retain?
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
Are all Conveyancing Quality 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 membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We have a mortgage agreed in principle with Kensington Mortgage. Solicitors have been appointed? How long does it take for Kensington Mortgage to send the offer to our conveyancer
There is no definitive answer here. Have Kensington Mortgage conducted the valuation? Have you advised Kensington Mortgage as your lawyers details and checked that your lawyer is on the Kensington Mortgage conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Kensington Mortgage on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Kensington Mortgage conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Kensington Mortgage panel she or he must comply with the CML Handbook requirements for Kensington Mortgage. Unless your lawyer obtains specific confirmation in writing that Kensington Mortgage will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Kensington Mortgage to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.