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Kensington Mortgage Conveyancing Panel : Questions and Answers
Is the fact that my conveyancer is not isted on the Kensington Mortgage Conveyancing panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Kensington Mortgage.
Our conveyancer has uncovered a defect with the lease for the property we are buying. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the Kensington Mortgage conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Kensington Mortgage?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Kensington Mortgage are the client. A precondition to being on the Kensington Mortgage approved panel is to comply with the CML Handbook requirements (last updated for this lender on Kensington Mortgage). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Kensington Mortgage 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 lawyer will have no choice but to discontinue acting for you.
I note that you have a search directory listing solicitors on the Kensington Mortgage conveyancing panel. Do firms pay you a commission if I appoint them for my own 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.
We're in London, First time buyers purchasing with a mortgage (lender is Kensington Mortgage , but our lawyer 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
is it true that all solicitor practices 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).
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. I simply dont know who is right
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.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? 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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