Keystone Property Finance Conveyancing Panel Information

Section 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Keystone Property Finance conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Keystone Property Finance. Some changes are more important than others but as a firm on the Keystone Property Finance conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

Keystone Property Finance approved solicitors have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Keystone Property Finance require, the deed of covenant on their behalf. You will need to check Keystone Property Finance CML Part 2 conditions to see if Keystone Property Finance have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Keystone Property Finance conveyancing panel

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 a complete picture of what has occured.

You would be advised to communicate with Keystone Property Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit inquiry for lenders to reveal who to contact to obtain standard documents. Keystone Property Finance in their Part 2’s state: Don’t forget to quote the firm’s Keystone Property Finance solicitors panel number.