FAQs : The Keystone Property Finance Conveyancing Panel 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 solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Keystone Property Finance have this morning contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. 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 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 solicitors to act. You are not legally obliged to appoint a law 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.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order 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.
I am buying a house and need a conveyancing solicitor in who is on the Keystone Property Finance solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Keystone Property Finance . We don’t recommend any particular firm.
I was scheduled to complete on my first house yesterday. My solicitor is on the Keystone Property Finance conveyancing panel but has moved offices in the past couple of months and had not advised Keystone Property Finance of their new address. Keystone Property Finance is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Keystone Property Finance branch or your mortgage broker to see if they can help.
is it true that all solicitors on the Keystone Property Finance conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Keystone Property Finance conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Keystone Property Finance. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
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.
We have had an offer accepted on a flat I spoke to a lawyer recommended by my mum and he advised instructing a solicitor 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 suggested 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 for conveyancing panel firms in your area. 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.