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Keystone Property Finance Solicitor Panel: Recently Asked Questions
Am I obliged,
being on the
Keystone Property Finance conveyancing panel, to carry out a LMO4 search?
Keystone Property Finance make no specific obligation to carry out any of
the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must
ensure that any other searches which may be appropriate to the
particular property, taking into account its locality and other
features are carried out’.
Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Keystone Property Finance are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.
Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Is this covered within your Terms of Engagement or Report on Title?
One search provider lists over 70 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searches UK.
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
Many estate agents are suffering if their clients start out on the buying process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many
conveyancing firms are only discovering when they begin working on a
case that they are no longer able to work with that lender. Given
the inevitable resultant delays in the transaction the chances of an
abortive deal increases dramatically. in the circumstances there is
understandable anguish on the part of the estate agent as a result of
the lost time should the client have to change lawyers.
Do you have any idea what Lenders such as
Keystone Property Finance are asking for when it comes to applying to be on their approved conveyancing panel?
Each lender has different criteria.
We do not hold specific requirements relating to the questions raised as part of the application to be on the
Keystone Property Finance conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
Whether the firm is able to operate in other jurisdictions
List of all those who fund the firm, including non-lawyers if applicable
Full complaints history for each conveyancing solicitor
List of all Licensed Conveyancers within firm
Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
Summary of annual accounts
Full disciplinary history for each licensed conveyancer
Areas of Law covered by the firm
Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.
House price discrepancies (declared to lender vs. registered at Land Registry)
I have been a qualified solicitor for over 20 years with a clean claims history and have been refused acceptance on the
Keystone Property Finance conveyancing panel with no explanation. Am I not entitled to to know why?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the
Keystone Property Finance conveyancing panel to see if you are entitled to a reason.
My lawyers pass me the odd LENDERmonitor notification but I don't see that many important changes. For example, My firm on the
Keystone Property Finance conveyancing panel and receive a notification only advising of a change of address. Does that matter?
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 affect your ability to remain on the
Keystone Property Finance solicitor 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 case management system? Do you make a note? Is this communicated to the staff? In your Certificate of Title to Keystone Property Finance you are giving assurances that you will send the relevant documents within 10 days of receiving the Title Information Document. Leaving to one side 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 include these details on my application for CQS accreditation?
It would be advisable to supply details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not adversely impact 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 within the next few weeks. I dont have a Mortgage Deed for the client to execute.
Who do I contact at Keystone Property Finance to get a duplicate Deed?
You should get in touch with Keystone Property Finance
to obtain standard documents. The CML Handbook contains an express question for banks to set out who to contact to obtain standard documents.
Keystone Property Finance in their Part 2’s state:
Don’t forget to disclose your Keystone Property Finance solicitors panel number.
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
