Frequently asked questions relating to the Keystone Property Finance Conveyancing Panel
from members of the public
I am expecting a mortgage offer from Keystone Property Finance. I would like to enlist the help of a Licensed Conveyancer. Does the Keystone Property Finance Conveyancing panel include Licensed Conveyancers
Keystone Property Finance’s approved solicitor list is, like many other lenders associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My lawyer has spotted a discrepancy when comparing the surveyor’s assumptions in Keystone Property Finance’s valuation report and what is in the conveyancing documents. My solicitor informs me that as he is on the Keystone Property Finance conveyancing panel he is duty bound to ensure that the bank is with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
A precondition to being on the Keystone Property Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Keystone Property Finance) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Keystone Property Finance solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to 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 small mortgage remaining of approximately £5k. 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 overseen 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).
I had instructed online conveyancers based in Birmingham who are on the Keystone Property Finance solicitor panel. They have just invoiced me a separate fee of £135 for dealing with the Keystone Property Finance mortgage. Is this an additional conveyancing fee specified by Keystone Property Finance?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Keystone Property Finance but by your lawyers. Some firms on the Keystone Property Finance will charge an ‘acting for lender’ fee and others do not.
We expect to receive a DIP from Keystone Property Finance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Keystone Property Finance recommend a solicitor on the Keystone Property Finance conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Keystone Property Finance conveyancing panel. The solicitor represents both you and the Keystone Property Finance through the process.