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Ready to buy a new home? Failing to check that a lawyer is on the keystonePropertyFinance list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Keystone Property Finance Conveyancing Panel? How can my firm be reinstated onto the Keystone Property Finance Conveyancing Panel?
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Q and A’s regarding the Keystone Property Finance Conveyancing Panel
What is the rationale as to why all UK lawyers aren't included on the Keystone Property Finance Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
I am due to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Keystone Property Finance. What does the insurance need to cover?
All property lawyers on the Keystone Property Finance conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Keystone Property Finance’s Part 2 requirements of the CML Handbook (last updated on Keystone Property Finance). Being on the Keystone Property Finance conveyancing panel your lawyer is expect to follow these instructions.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Keystone Property Finance conveyancing panel. My lawyer has said that they are on the Keystone Property Finance approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Keystone Property Finance conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Keystone Property Finance solicitor panel.
My grandfather passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Keystone Property Finance , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Keystone Property Finance will insist on your using a conveyancer on the Keystone Property Finance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Keystone Property Finance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Keystone Property Finance mortgage is registered as a charge at the Land Registry.
Do conveyancing solicitors on the Keystone Property Finance conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We have a mortgage agreed in principle with Keystone Property Finance. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Keystone Property Finance?
Some lenders take longer than others. Have Keystone Property Finance completed the survey? Have you advised Keystone Property Finance as your lawyers details and checked that your lawyer is on the Keystone Property Finance conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Keystone Property Finance?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Keystone Property Finance conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Keystone Property Finance and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.