Find an Approved Solicitor on the Kensington Mortgage Company Ltd
Kensington Mortgage Conveyancing Panel : Questions and Answers
My partner and I are FTBs. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Kensington Mortgage have this evening contacted us to advise us that they have now hit a problem as our lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's 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 Accreditation Scheme.
Your property lawyers should contact Kensington Mortgage and see if they can apply for membership of the Kensington Mortgage conveyancing panel, but if that is not viable Kensington Mortgage will instruct their own lawyers to represent them. You don't have to instruct a firm on the Kensington Mortgage conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are nearing an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Kensington Mortgage. I am advised that, 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 informed the bank about my parent’s contribution when I applied for the mortgage 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.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition 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.
We're in Wales, First timers buying with a mortgage (lender is Kensington Mortgage , but our solicitor is on the Kensington Mortgage conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kensington Mortgage conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all Conveyancing Quality Solicitors on the Kensington Mortgage conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. 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 remain on their approved list of conveyancing solicitors.
Is it the case that all solicitors on the Kensington Mortgage conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kensington Mortgage conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
The for formalities of my remortgage has taken place with a loan from Kensington Mortgage. Conveyancing was a necessary evil but I would like to complain about Kensington Mortgage. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the Kensington Mortgage branches or the Customer Services Team at Kensington Mortgage head office. We understand that complaints to Kensington Mortgage are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.