Kensington Mortgage Conveyancing Panel Information

Many estate agents will be feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Kensington Mortgage as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Kensington Mortgage we suggest that you call Kensington Mortgage to check the position.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Kensington Mortgage conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

Assuming that your practice in is on the Kensington Mortgage conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Kensington Mortgage are to lend, they may require indemnity insurance. In any event,you will need to check Kensington Mortgage’s specific requirements. Notwithstanding whether Kensington Mortgage will lend in such circumstances you still need to advise the borrower (unless you are acting for Kensington Mortgage alone) as to the risks of buying a property with an insolvent or absentee freeholder.

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Kensington Mortgage solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Kensington Mortgage to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express question for lenders to enumerate who to contact to obtain standard documents. Kensington Mortgage in their Part 2’s state: Please remember to disclose the firm’s Kensington Mortgage solicitors panel reference.