Common questions asked concerning the Kent Reliance Conveyancing Panel from members of the public
I would like to know the reason why all solicitors aren't included on the Kent Reliance Solicitor 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
My husband and I changing mortgage lender for our penthouse with Kent Reliance. We have a son 18 who lives with us. The solicitor on the Kent Reliance conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Kent Reliance 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 Kent Reliance .This is solely used to protect the Kent Reliance 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 Kent Reliance 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.
Are there any apps to help find a local solicitor on the Kent Reliance conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Kent Reliance solicitor panel.
My conveyancers in Birmingham have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Kent Reliance. Is it case that being on the Kent Reliance conveyancing panel they need to have retained the file for a prescribed period?
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 Kent Reliance Conveyancing Panel Terms. It might be worth you contacting Kent Reliance directly.
What are the common reasons for a lender such as Kent Reliance to withdraw a mortgage offer?
Lenders such as Kent Reliance can withdraw their mortgage offer although this rarely happens. If Kent Reliance withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- If the financial circumstances of the borrower have changed to the detriment and the Kent Reliance has been notified
- If the borrower informs Kent Reliance of a change in the loan amount agreed
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the Lender’s right to possession is fettered in some way
I can not work out if my mortgage offer requires a lease extension . I have telephoned Kent Reliance on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Kent Reliance 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
Your lawyer has to follow the CML Handbook Part 2 requirements for Kent Reliance. Unless your lawyer obtains specific confirmation in writing that Kent Reliance 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 Kent Reliance to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am selling my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Kent Reliance are being pedantic. The solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.