Keystone Property Finance Conveyancing Panel Recently Asked Questions
from members of the public
My husband and I are FTBs. Within the last couple of days our property lawyer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Keystone Property Finance have this afternoon contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Keystone Property Finance and see if they can apply for membership of the Keystone Property Finance conveyancing panel, but if that is not viable Keystone Property Finance will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Keystone Property Finance conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My grandson is buying a house that has just been built with a mortgage from Keystone Property Finance. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Keystone Property Finance conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Keystone Property Finance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your database of lawyers on the Keystone Property Finance conveyancing panel? Do Keystone Property Finance send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Keystone Property Finance conveyancing panel as opposed to being supplied with a list from Keystone Property Finance directly.
My uncle passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £8000. I want to have the title changed 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.
Is it the case that all solicitors on the Keystone Property Finance conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Keystone Property Finance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My wife and I have arranged a further advance on our mortgage from Keystone Property Finance as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Keystone Property Finance conveyancing panel to deal with the legals?
Keystone Property Finance do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Keystone Property Finance list
Can I register a complaint to Keystone Property Finance about the lawyers being on the Keystone Property Finance conveyancing panel?
Complaining to Keystone Property Finance about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
