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Keystone Property Finance Solicitor Panel: Recently Asked Questions
Are Keystone Property Finance Conveyancing panel solicitors under an obligation to disclose incentives?
Keystone Property Finance’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
Is there a standard appeals process to prevent solicitors from being unfairly removed them from lender conveyancing panels?
There are thousands of firms across the UK who feel aggrieved claiming that they have been removed from lenders’ panels without an explanation or a good
reason. It is highly unlikely, given that lenders have distanced
themselves from creating a standardised appeals process for
brokers, that an appeals process will be introduced for
lawyers. Commenting on the call by brokers to have a standardised
process the CML said’ “While we understand that some lenders do have
an appeals process, it would not be appropriate for a trade body such
as the CML to seek to be prescriptive about such a process.” Some
lenders do of course set out an appeals policy. The Law Society does
have information on it’s site that may be of assistance. If you would
like to talk to one of our compliance experts about our Lender Panel
Protection Service please complete the form here.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Keystone Property Finance and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Keystone Property Finance
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Keystone Property Finance and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my application to be on the Keystone Property Finance conveyancing panel
?
There are many reports available, five of which are as follows:
- Buy to Let transactions
- Current and historic missed priority dates
- Evidence of undertaking logs
- The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
- Average mortgage advance
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 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?
You should 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 application but gives the CQS team viability as to what has occured.
I am on the
Keystone Property Finance
conveyancing panel and scheduled to complete a remortgage shortly. I can not locate a Legal Charge for the client to sign.
Who do I contact at Keystone Property Finance to obtain duplicate documents?
You should get in touch with Keystone Property Finance
to obtain standard documents. The CML Handbook includes an express section for banks to enumerate who to contact to obtain standard documents.
Keystone Property Finance in their Part 2’s state:
It is likely that you will need to disclose your 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* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [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
