Keystone Property Finance Solicitor Panel Example Support Desk Enquires from members of the public
I am in the process of selling my flat and the estate agent has just texted me to warn that the purchasers are swapping conveyancer. The excuse is that Keystone Property Finance will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only work with specific lawyers?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our solicitor has uncovered a defect with the lease for the flat we are purchasing. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the Keystone Property Finance conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Keystone Property Finance?
Just because you have a mortgage offer from Keystone Property Finance does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Keystone Property Finance are the client. These conveyancing instructions have to be complied with by the Keystone Property Finance conveyancing panel who has to balance acting for you and Keystone Property Finance
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Keystone Property Finance 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 grandmother passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Keystone Property Finance , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Keystone Property Finance will insist on your using a conveyancer on the Keystone Property Finance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Keystone Property Finance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Keystone Property Finance mortgage is registered as a charge at the Land Registry.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Keystone Property Finance. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Keystone Property Finance involved you will need to appoint a solicitor on the Keystone Property Finance conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Keystone Property Finance. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Keystone Property Finance conveyancing panel.
After much negotiation I have agreed a price on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Keystone Property Finance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Keystone Property Finance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My ex -wife’s name is on the Keystone Property Finance mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Keystone Property Finance mortgage in order to sell?
As regards the Keystone Property Finance mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Keystone Property Finance in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
