Keystone Property Finance Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are novices when it comes to buying a property. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Keystone Property Finance have this morning contacted us to inform me that there is now an issue as our solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance 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 Accreditation 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 don't have to instruct a firm on the Keystone Property Finance conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Keystone Property Finance. What risks do Keystone Property Finance expect the insurance to cover?
Any lawyer on the Keystone Property Finance conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Keystone Property Finance’s Part 2 requirements of the CML Handbook (last updated on Keystone Property Finance). Being on the Keystone Property Finance conveyancing panel your lawyer is expect to follow these requirements.
How up to date is your search tool for 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 aunt passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £5k. 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.
Can I be sure that the solicitor on the Keystone Property Finance panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your conveyancing
We have agreed a price on a house I spoke to a solicitor previously used by my mum and he recommended retaining a property lawyers approved by Keystone Property Finance. The estate agent recommended two local firms so I asked Keystone Property Finance if the 2 suggested solicitors are approved, which they are not. Keystone Property Finance pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Keystone Property Finance 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Keystone Property Finance to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Keystone Property Finance conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Keystone Property Finance conveyancing panel as it may only take about 2-3 weeks. As long as they meet Keystone Property Finance’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
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.