Keypit farm is about two kilometres to the south and slightly to the east of Hele, off Oxenpark Road. It is currently an attraction specialising in quad bike racing. There are several small quarries shown nearby on the 1891 ordnance Survey map.

It was called Kippit on the 1891 Ordnance survey map but before that it was known as Kibbit. This is probably from Cyppi's (or Cybbi's) pit, or hollow. Many other local place names are from Old English, often with a Saxon personal name as their first element, for example Berrynarbor (originally Hurtesburie), Ilfracombe, Campscott, Mullacot, Winsham and Warmscombe. Another possible, but unlikely, explanation is from Devon dialect where a kibbit is 'a short thick stick, or cudgel', Perhaps it was a good place to find such sticks ! 

Keypit is called Kibbit on the OS map of 1809; and the 1839 Ilfracombe Tithe, also mentioning Kibbitland, now Butterfly farmhouse (Transcription Kibbit, owned by Pincombe Charity, held by John Chugg, part in hand to Hugh Sloley); Keypit in 1841 Ilfracombe Census (occupied by families John Chugg, Ley and Hoby or Holey); Keypitt in the 1851 Census; Kippit on the OS map of 1891, where there is a quarry slightly to the north and several others nearby.

"Kipscombe [Braunton Hundred] is Kyppescomb 1249 Ass (p), Kybbescomb(e) 1330 SR, 1359 Ass, Kyppyscombe 1492 Ipm. The second element is OE cumb. The first is either Cyppi as demonstrated for Kipson (PN Sx 71) or Cybbi as suggested by Blome." (Gover et al 1932 Vol 1 p 31)

"Kipscott [Witheridge Hundred] is Kippingescota 1235 Bracton, -coth' 1242 Fees 759, Kippyngescot(e) 1281 Ass, 1316 Ipm 'Cyppings's cot(e)' cf Kipscombe."  (Gover et al 1932 Vol 2 p 384)

"Luppit [Axminster Hundred] lovapit 1086 DB, Loweputte 1257 Pat, Lovepette 1267 Exon, Loveputte 1267 Abbr, -pytte`1291 Tax, -pitte 1303 FA, Loveputt nowe called Luppitt c 1630 Pole, Luuepuet 1175 P, -pit 1238 Ass, -putte 1334 Pat, Lippitt 1767 Recov. 'Lufa's pit or hollow'."  (Gover et al 1932 Vol 2 p 641)

"Warmpit Copse [Teignbridge Hundred] is Warmepitte 1330 SR 'warm hollow' "  (Gover et al 1932 Vol 2 p 469)

One meaning of kip is "the hide of a young or small beast (as a calf, a lamb, etc) as used for leather 1530" (SOED 1978 Vol 1 P 1156)

kibbit, a short thick stick, a cudgel, in Devon dialect, referred to in TDA 1939 and William Rock, Jim & Nell, London 1867 (Lamplugh 1999 p 102)