Common questions asked concerning the Kensington Mortgage Conveyancing Panel from members of the public
Is there a reason why all property lawyers aren't included on the Kensington Mortgage Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our grandson is in the process of securing a house that has just been built with a mortgage from Kensington Mortgage. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Kensington Mortgage conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kensington Mortgage conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to attend the offices of the Kensington Mortgage conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in London
so that I can pop in to their offices if required.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
I am attempting to get my ex-wife removed the mortgage deeds. Can Kensington Mortgage really tell me which solicitor I can or can not instruct?
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
Is it the case that all conveyancing lawyers on the Kensington Mortgage conveyancing panel work on a no sale no fee basis?
On the whole 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
We were going to get a DIP from Kensington Mortgage this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Kensington Mortgage recommend a solicitor on the Kensington Mortgage conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Kensington Mortgage conveyancing panel. The solicitor represents both you and the Kensington Mortgage through the process.
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.
