Examples of recent questions relating to the Keystone Property Finance Solicitor Panel
from members of the public
My partner and I are first time buyers. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Keystone Property Finance have this morning contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
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 property lawyers 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 lawyers to represent them. 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 will likely delay the transaction as you are adding another lawyer into the mix.
My fiance and I intend to remortgage our maisonette with Keystone Property Finance. We have a son approaching twenty who lives with us. The solicitor on the Keystone Property Finance conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Keystone Property Finance conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Keystone Property Finance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Keystone Property Finance .This is solely used to protect the Keystone Property Finance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Keystone Property Finance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I note that you have a post code search directory listing law firms on the Keystone Property Finance conveyancing panel. Do firms pay you a referral fee if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Keystone Property Finance conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I would like to get my former partner taken off the mortgage deeds. Can Keystone Property Finance really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Keystone Property Finance then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Keystone Property Finance solicitors panel
Is it the case that all conveyancing solicitors on the Keystone Property Finance conveyancing panel regulated by the Solicitors Regulatory Authority?
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).
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Keystone Property Finance conveyancing panel requirements are different to Keystone Property Finance’s conveyancing panel criteria.
My fiance and I are in the process of viewing apartments and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Keystone Property Finance
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Keystone Property Finance , ask your prospective lawyers check they are on the Keystone Property Finance conveyancing panel otherwise they can't do the mortgage legal work.
