Keystone Property Finance Conveyancing Panel Information

The Scottish Law Society has advised that solicitors should check their panel status with lenders before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Keystone Property Finance conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Keystone Property Finance as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Keystone Property Finance we suggest that you call Keystone Property Finance to check the position.

Please tread carefully here as what you are proposing 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. Lenders such as Nationwide BS 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.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Keystone Property Finance conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

We would recommend that you 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 CQS team viability as to what has gone on.

You would be advised to communicate with Keystone Property Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for banks to reveal 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 conveyancing panel number.