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Keystone Property Finance Solicitor Panel: Recently Asked Questions
Being on the Keystone Property Finance conveyancing panel how long am I expected to keep hold of the complete conveyancing file?
The CML Part II requirements of
Keystone Property Finance are silent on this. Most lenders address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Keystone Property Finance’s interest. To be
absolutely sure of Keystone Property Finance requirements in this regard
please check the Terms and Conditions of Keystone Property Finance’s
conveyancing panel acceptance.
Who do building societies allow to be on their Conveyancing Panels?
In the same way that there is a unique Keystone Property Finance
conveyancing panel most building societies, operate a conveyancing
panel for solicitors and other conveyancers that the lender will
instruct. Terms and Conditions and criteria for inclusion on a
building society conveyancing panel vary from lender-to-lender. Having
CQS accreditation may be a requirement. Institutional lenders, such
as a building society, is a client and is entitled to instruct the
solicitor or conveyancer of its choosing (who, in turn, is free to
accept or refuse instructions). Therefore, if lender and borrower
cannot agree which solicitor or conveyancer should represent them
jointly, they would usually proceed on a separate representation
basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook
Part 3s.
My practice have never been on the
Keystone Property Finance conveyancing panel as well other lenders.
My clients, who have applied for a mortgage with Keystone Property Finance still want me to act for them regardless of the fact that we are not on the
Keystone Property Finance panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for
Keystone Property Finance on mortgage aspect of the conveyancing?
Please tread carefully here as what you are intending may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm.
You also need to make the costs implications and potential for delay very clear to your client.
In conducting leasehold conveyancing do
Keystone Property Finance panel solicitors need to examine whether there is an insolvent landlord?
Assuming that your practice in is on the
Keystone Property Finance conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Keystone Property Finance are to lend, they may require indemnity insurance. In any event,you will need to check
Keystone Property Finance’s specific requirements. Notwithstanding whether
Keystone Property Finance will lend in such circumstances you still need to advise the borrower (unless you are acting for
Keystone Property Finance alone) as to the risks of buying a property with an insolvent or absentee freeholder.
I read the occasional LENDERmonitor notification but I don't see that many important changes. For example, I am on the
Keystone Property Finance conveyancing panel and receive a notification simply telling me a change of address. Isn't that just noise?
It is important that you take note of such changes because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also impact your chances of staying on the
Keystone Property Finance conveyancing panel. Is possible next month that Keystone Property Finance change their requirements as to where the post completion documents should be sent.
Do you change the details in your CMS? Do you make a note? Is this information passed on to secretaries and assistants? By virtue of your COT Keystone Property Finance you are giving assurances that you will send the relevant documents within 10 days of receiving the Title Information Document. Putting to one side the academic question as to whether you are technically breaching an undertaking in sending it to the wrong address, you run the risk of
Keystone Property Finance suspending you off the panel because they are not receiving the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to an address that is no longer valid.
my firm’s membership of the
Keystone Property Finance conveyancing panel was suspended but was reinstated on appeal, do I need to disclose this information on my application for CQS accreditation?
You should provide details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not negatively affect your firm’s application but gives the Law Society viability as to what has happened.
Our practice is on the
Keystone Property Finance
conveyancing panel and scheduled to complete a purchase shortly. I dont have a Legal Charge for the client to sign.
Who do I contact at Keystone Property Finance to obtain duplicate documents?
You would be advised to get in touch with Keystone Property Finance
to obtain standard documents. The CML Handbook has an express question for lenders to set out who to contact to obtain standard documents.
Keystone Property Finance in their Part 2’s state:
You will need to disclose the firm’s Keystone Property Finance solicitors panel reference.
Find a Lawyer on the Keystone Property Finance Conveyancing Panel
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Average number of days to register title including a charge in favour of Keystone Property Finance
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Keystone Property Finance Firms
- Draft Report on Title precedent for Keystone Property Finance borrowers
- Draft Anti Money Laundering PolicyTemplate for Keystone Property Finance panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Keystone Property Finance lender panel
- Buy-to-Let help for Keystone Property Finance
- Consent-to-Let help for Keystone Property Finance
- Contractor Mortgages with Keystone Property Finance
