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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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I am in the process of selling my house and the EA has just e-mailed to advise that the buyers are switching solicitor. The reason given is that Kensington Mortgage will only engage with property lawyers on their approved list. Why would a leading mortgage company only engage with certain solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
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.
Much to my surprise my conveyancing solicitor has requested from me ID documents stating that this is part of his obligations as a solicitor on the Kensington Mortgage Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Kensington Mortgage your lawyer also has to check ID documents to satisfy Kensington Mortgage
Are the lawyers identified as being on the Kensington Mortgage conveyancing panel, together with their details provided by Kensington Mortgage?
The law firm practices 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.
I am considering applying for a Kensington Mortgage mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kensington Mortgage?
In theory, you could use a solicitor that is not on Kensington Mortgage conveyancing panel, but Kensington Mortgage would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I previously instructed online solicitors located in Cardiff who are on the Kensington Mortgage solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Kensington Mortgage mortgage. Is this an additional conveyancing fee specified by Kensington Mortgage?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Kensington Mortgage but by your lawyers. Some firms on the Kensington Mortgage will charge an ‘acting for lender’ fee and others do not.
I am currently in the process of buying my council flat. I have a mortgage offer with Kensington Mortgage. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Kensington Mortgage you will need to appoint a solicitor on the Kensington Mortgage conveyancing panel.
My ex -wife’s name is on the Kensington Mortgage mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Kensington Mortgage mortgage in order to sell?
In terms of the Kensington Mortgage mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Kensington Mortgage in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.