Kensington Mortgage Conveyancing Panel Example Support Desk Enquires from members of the public
On what basis would a firm of solicitors be excluded from the Kensington Mortgage approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Kensington Mortgage
My fiance and I intend to remortgage our apartment with Kensington Mortgage. We have a son 19 who lives with us. The solicitor on the Kensington Mortgage conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Kensington Mortgage conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Kensington Mortgage conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kensington Mortgage .This is solely used to protect the Kensington Mortgage if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kensington Mortgage had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the firms listed on your directory 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.
My lawyers in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Kensington Mortgage. Is it case that being on the Kensington Mortgage conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Kensington Mortgage Conveyancing Panel Terms. It might be worth you contacting Kensington Mortgage directly.
Can you point me to a directory of Kensington Mortgage panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Can I be sure that the solicitor on the Kensington Mortgage panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your conveyancing
I currently have a mortgage with with Kensington Mortgage. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kensington Mortgage?
Kensington Mortgage must be informed of your intention prior to letting out your property as this is likely to be a breach of Kensington Mortgage’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kensington Mortgage directly. You need not do this via a Kensington Mortgage conveyancing panel solicitor.
