FAQs for the Kensington Mortgage Conveyancing Panel from members of the public
My wife and I are FTBs. Within the 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Kensington Mortgage have this evening contacted us to inform me that there is now an issue as our lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance 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 Quality Scheme. Your solicitors 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 solicitors to act. 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 it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Kensington Mortgage will not agree to this. Why was Kensington Mortgage even consulted?
Your lawyer being on the Kensington Mortgage conveyancing panel is duty bound to inform Kensington Mortgage of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Kensington Mortgage then they would have to discontinue acting for you and Kensington Mortgage.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Kensington Mortgage conveyancing panel. My lawyer has said that they are on the Kensington Mortgage approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Kensington Mortgage conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Kensington Mortgage solicitor panel.
I am considering applying for a Kensington Mortgage mortgage for purchase of a newly converted (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kensington Mortgage?
There is nothing to stop you using your solicitor but Kensington Mortgage will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to lenders such as Kensington Mortgage do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all conveyancing lawyers on the Kensington Mortgage conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Kensington Mortgage have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Kensington Mortgage or your broker and complete any relevant paperwork. Kensington Mortgage will tell you what documents they want. Kensington Mortgage will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Kensington Mortgage will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
