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Kensington Mortgage Solicitor Panel Help Center:
Why did the Council of Mortgage Lenders urge Scottish conveyancing solicitors to reject proposals by the Law Society of Scotland on mandatory separate representation?
The LSS proposals would have made it compulsory for lenders and buyers in the same property transaction to be represented by separate solicitors. For example if the borrower was getting a mortgage with Kensington Mortgage one solicitor would act for Kensington Mortgage being on the Kensington Mortgage conveyancing panel and a separate lawyer would act for the borrower.
The key points that the CML raise are Compulsory separate representation has the potential to cause considerable and unnecessary duplication of work (and costs) and increase the risk of delays in transactions. Secondly,The consultation document has not been written in a balanced way, overtly favouring the arguments for separate representation with little evidence to support the assertion of routine problems with joint representation.
What are the two main areas of negligence claim resulting from the UK Finance Lenders’ Handbook brought by Kensington Mortgage against solicitors on the Kensington Mortgage conveyancing panel
Whilst specific information is not available in respect of claims by Kensington Mortgage the CML in their ‘Response by the Council of Mortgage Lenders to the Law Society of Scotland Consultation paper’ 2012 stated that In discussion with solicitors in Scotland who act for lenders in negligence matters they have highlighted two areas which are resulting in claims. These are
- Failure to disclose back to back transactions – where the proprietor has owned the property for less than six months; and
- The funding of the balance of the purchase price. Again, we would reiterate we have no evidence to suggest that these are the two main areas of concern for Kensington Mortgage.
Does the fact that my practice has signed up to LENDERmonitor alerts help in my application to join the Kensington Mortgage solicitor panel?
The criteria to join the Kensington Mortgage conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
I recently attended a seminar arranged where it was mentioned that
solicitors are being sued for non-compliance with Part 2 requirements. I am on the Kensington Mortgage conveyancing panel. Can you tell me how many Part 2
changes took place by Kensington Mortgage between 2012-2013?
Over this period Kensington Mortgage sections of the UK Finance Lenders’ Handbook P2 have been changed by Kensington Mortgage. Some changes are more important than others, but as a firm on the Kensington Mortgage conveyancing panel, you are obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook.
Remember: CML requirements are not guidelines; they are the lender client’s instructions.
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