Please note, whether you are a member of the public or a conveyancer, you should not supply a mortgage account number with Kensington Mortgage or personal details without being absolutely sure as to legitimacy of the site. We will not be asking you to supply any mortgage account number with Kensington Mortgage, personal details or details of the property to which the redemption statement with Kensington Mortgage relates
Almost every month we get asked where a conveyancing practice can retrieve a redemption statement from Kensington Mortgage. The purpose of this page is to assist in supplying contact information for Kensington Mortgage in terms of knowing where to apply for a redemption statement. We are not Kensington Mortgage
Please complete the following form:
The Redemption Statement Service offered via this site is only available to firms regulated by CLC or SRA in England and Wales who have an active LENDERmonitor account via participating search providers. The service provides you with details as to contract details (from P2 of the UKF Mortgage Lenders' Handbook) enabling you to request a redemption statement. Registrations from generic email domains such a gmail.com or btconnect.com will not be accepted. At no point will we send you an email or communicate asking for a specific mortgage account number or panel number with Halifax.
An active LENDERmonitor account via participating search providers is defined as where the individual user has utilized LENDERmonitor access codes at least twice a month for a period of six months
When borrowers wish to pay off their mortgage with Kensington Mortgage, they must request a redemption statement from Kensington Mortgage, which will set out the exact amount, including any applicable fees and interest due, to fully repay their mortgage.
Specific problems pertaining to redemption statements and the discharge of mortgages can slow down the conveyancing process. In some cases solicitors and conveyancers can be sued for breaching undertakings given to discharge a mortgage, which causes concern to conveyancing professionals and their insurers.
When requesting a redemption statement from Kensington Mortgage, a conveyancer should quote the expected repayment date and whether you are acting for the borrower or have the borrower's authority to request the redemption statement in addition to the information. You should request this from Kensington Mortgage a minimum 5 working days ahead of the expected redemption date. You must quote all the borrower's mortgage account or roll numbers of which you are aware when requesting the repayment figure. As a conveyancer or solicitor one should only request a redemption statement from Kensington Mortgage where you you have been retained by the borrower or have the borrower's written authority to request a redemption figure.
To guard against fraud please ensure that if payment is made by cheque then the redemption cheque is made payable to Kensington Mortgage and quote the mortgage account number or roll number and name of the borrower.
On the day of completion lawyers should send the discharge (if required) by Kensington Mortgage and your remittance for the repayment to Kensington Mortgage. Check part 2 UK Finance Mortgage Lenders' Handbook for conveyancers for Kensington Mortgage to see if Kensington Mortgage discharge via a DS1 form or direct notification to the Land Registry.
In 1985 the Building Societies Association (BSA) and the Law Society issued detailed advice to their respective members on this subject because of the difficulties which were apparent at that time.
This guidance refers to some of the circumstances which can produce errors and problems, and the consequences which this can have for the solicitor in the conveyancing transaction. It also suggests certain practical measures designed to reduce problems in this area. An extract of that guidance note (which is generic and not specific to Kensington Mortgage) on redemption statements is as follows:
This is a very similar situation to that of standing orders and direct debits. The CML's view is that if the lender does not notify the solicitor that it is assumed that the borrower's cheque will clear then, provided that the solicitor acts in good faith and without knowledge that the cheque would be or is likely to be dishonoured, the lender should seal the discharge.
Exceptions to this are if the lender:
The lender may have more than one loan secured on the property. For example, in addition to the principal mortgage, there could be a secured personal loan which is a regulated agreement under the Consumer Credit Act 1974 and/or a further advance conducted on a separate account basis. In such cases, there will be more than one account number.
On a sale, as all mortgage accounts will be repaid, multiplicity of accounts should not present a problem unless the solicitor does not know and is unable to specify every account and has no notice or cause to query the matter and the lender fails to cross-check the matter internally.
However, it is possible, for example, on certain re-mortgages, that it is the intention of the borrower and the lender that not all mortgages will be discharged and replaced. If so, when requesting the redemption statement, the solicitor should make it clear to the lender which mortgages the borrower wishes to redeem. The solicitor should inform the lender of any mortgages of which he is aware which are outstanding with the lender but which are not being redeemed. The solicitor should also quote all relevant account numbers if known as far as possible and ensure that the redemption statement received from the lender includes all the mortgages which are intended to be redeemed.
The lender should have its own internal cross-checking system but it is vital that the solicitor (who will, after all, be acting for the lender in most cases) is as clear as possible about the mortgage account(s) being redeemed. It is suggested that the solicitor should if possible, and time permits, send a copy of the redemption statement to the borrower to check agreement on the amount shown as due to the lender. Solicitors should be encouraged to ask for a statement at the earliest possible date.
Does the final redemption statement from Kensington Mortgage confirm the exact amount, all applicable fees and interest for my solicitor to fully repay the mortgage with Kensington Mortgage from the sale proceeds?
I am completing my father’s estate by selling his house. The Solicitors fees for the sale is £675 plus VAT which seems reasonable. I asked Kensington Mortgage for a redemption statement. The solicitors are charging me an additional £100 in fees for redeeming the mortgage with Kensington Mortgage. Are these sort of fee's correct for a redemption?
What happens to my deeds following redemption of my mortgage with Kensington Mortgage?
My redemption statement from Kensington Mortgage shows a higher amount than expected, why?
We've had a few failed attempts to exchange and our completion date is Friday. We've just been informed that our vendor needs to get a redemption statement from Kensington Mortgage. Our solicitor says this can take a few days whereas the agent says it can be faxed the same day. Perhaps it depends on the lender?
We were due to exchange this week, however the vendor’s conveyancer still has not got the redemption statement figure from Kensington Mortgage. We have been waiting over a week for this - is this common?
What’s the difference between outstanding balance figure and redemption figure?
I am in the final throes of a house sale and have requested a redemption statement from Kensington Mortgage. Are they likely to demand a fee to release this information to my conveyancers? I have never before requested a statement or redemption figure from Kensington Mortgage, so this is the first instance.
Why am I charged a redemption fee?
I need a copy of a mortgage redemption statement from Kensington Mortgage.I can’t get hold of my previous solicitor. Where can I get a copy?
Lenders such as Kensington Mortgage have different requirements regarding final mortgage payments before redemption. If a mortgage is to be redeemed in the middle of a month, some lenders will still require the payment for the whole of that month. Other lenders exclude future payments when calculating redemption figures. What approach a lender will take will often be hidden in the small print. To avoid borrower clients either cancelling direct debits too early or not early enough, make sure that you extract the lender’s approach from the redemption statement or, if this is not clear, obtain written confirmation from lenders about what assumptions they have made in calculating the redemption figure.
Solicitors/conveyancers should make it their normal practice to check redemption figures Kensington Mortgage and indeed any lender and seek authorisation to make payment by sending clients completion statements before completion which set out the sums to be paid to discharge mortgages and the net proceeds of the transaction.
If you are a solicitor/conveyancer and you receive redemption statements, don’t just look at the redemption figure. Read the whole statement to ascertain exactly: which charge the figure relates to; whether it relates to all of the charges shown on the official copies; whether it covers all loans secured by the charge(s); and whether there may be other loans in respect of which it will be necessary to obtain further information. Send borrower clients copies of redemption statements so that they can check that all the mortgages/loans intended to be redeemed are included.
An electronic discharge is a discharge of a registered charge sent electronically by the lender’s (such as Kensington Mortgage) computer system direct to the Land Registry . For an electronic discharge, the HM Land Registry computer system makes a number of checks and, if everything is in order, cancels the charge entries automatically and, in most cases, immediately on receipt of the discharge. An electronic discharge is different to an e-DS1.
An electronic discharge can only be sent for a discharge of whole. All electronic discharges will be sent via secure virtual private networks. A number of security features have been incorporated to ensure that only lenders can send electronic discharges to us. An electronic discharge cancels the charge entries automatically and, in most cases, immediately. An electronic discharge does not require a separate formal paper application to discharge the charge, nor does it need any manual intervention. It is completely automated between various computer systems. HM Land Registry introduced electronic discharges because a system for automatically discharging registered charges is required for e-Conveyancing.
Electronic discharges are now supplemented by the introduction of e-DS1s. Both electronic discharges and e-DS1s currently operate as standalone applications for discharge and both will, in time, form part of an integrated e-conveyancing system. Electronic discharges will also overcome some of the problems associated with form DS1 and the former electronic notifications of discharge procedure, especially the inherent delays. Lenders who use electronic discharges are introducing new processes that automate and speed up the way they deal with redemptions and enable them to send an electronic discharge more quickly than a DS1 or an END.
The lender (including Kensington Mortgage) should indicate in their redemption statement that they will discharge the charge using an e-DS1. The conveyancer must tell them which charges are being redeemed and pay off the charge(s) in the normal way.
Once the lender has received the correct payment, they will arrange for an e-DS1 to be submitted. The lender can opt for a notification to be sent to them on completion of registration. In addition, if it is a borrower’s redemption, notification will be sent to the borrower on completion.
The Kensington Mortgage version of the UK Finance Mortgage Lenders' Handbook for conveyancers states that on the day of completion the conveyancer should send the discharge (if required) and remit repayment to Kensington Mortgage (see part 2). Conveyancers should check part 2 to see if Kensington Mortgage discharge via a DS1 form or direct notification to the Land Registry. The relevant part 2 section questions for Kensington Mortgage read: ‘17.2.1a Where do you send the discharge and repayment remittance?’ and ‘17.2.1b Does the lender send the discharge via a DS 1 form or direct with the Land Registry?’
Q. Can my firm make redemption order request directly to Kensington Mortgage via this service?
A. Lexsure Redemption Statement Service does allow you to apply to Kensington Mortgage directly. Please click here to see detailed information as to what the service offers.
Q. Does the Lexsure Redemption Statement Service include updates as to when Kensington Mortgage change their contact details for requesting redemption figures?
A. Yes it does.
Q. Does my firm need to be on the Kensington Mortgage conveyancing panel in order to join the Lexsure Redemption Statement Service?
A. No.
Q. Does the Lexsure Redemption Statement Service apply to lenders in Scotland or Northern Ireland?
A.The service only applies to England and Wales.
Q. A colleague in my firm recently attended a webinar on changes to the UK Finance Mortgage Lenders' Handbook for conveyancers. Do you offer any specific webinar on changes to the part 2 by Kensington Mortgage or on specific topics such as dealing with Redemption Statement or Undertakings?
A. We have not conducted any specific webinars on part 2 changes for Kensington Mortgage. Up until now our webinars on lender compliance have been more generic. A list of the forthcoming webinars can be found here. You can user the search tool to see if there are any webinars on ‘redemption statements’
If you're thinking of paying off your Kensington Mortgage mortgage early, also known as redeeming your mortgage, contact Kensington Mortgage so that they can explain how to do this.
Once you've decided that you want to pay off your mortgage, you or your solicitor will need to request a Redemption Statement for the date that you expect to repay your mortgage. This statement will confirm the exact amount, including any applicable fees and interest due, to fully repay your mortgage on that date.
The redemption statement will detail any fees that are applicable such as an Early Repayment Charge (ERC) and a Final Repayment Charge (FRC).
In asking for a redemption statement from Kensington Mortgage, a conveyancer should quote the expected repayment date and whether you are acting for the borrower or have the borrower's authority to request the redemption statement in addition to the information. You should request this from Kensington Mortgage a minimum five working days prior to the expected redemption date. You must quote all the borrower's mortgage account or roll numbers of which you are aware when requesting the repayment figure. As a conveyancer or solicitor one should only request a redemption statement from Kensington Mortgage where you you have been retained by the borrower or have the borrower's written authority to request a redemption figure.
*The Redemption Statement Service offered via this site is only available to firms regulated by CLC or SRA in England and Wales. The service provides you with details as as to contact details (from P2 of the UKF Mortgage Lenders' Handbook) enabling you to request a redemption statement. Registrations from generic email domains such a gmail.com or btconnect.com will not be accepted. At no point will we send you an email or communicate asking for a specific mortgage account number or panel number with Kensington Mortgage.
