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Ready to buy a new home? Failing to check that a lawyer is on the moloFinanceBTL list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Molo Finance Buy to Let Mortgages Conveyancing Panel? How can my firm be reinstated onto the Molo Finance Buy to Let Mortgages Conveyancing Panel?Find an Approved Solicitor on the Molo Finance Buy to Let Mortgages Conveyancing Panel
Molo Finance Buy to Let Conveyancing Panel : Questions and Answers
For what reasons would a law firm be removed from the Molo Finance Buy to Let solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Molo Finance Buy to Let
Our lawyer has uncovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Molo Finance Buy to Let conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Molo Finance Buy to Let?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Molo Finance Buy to Let are the client. A precondition to being on the Molo Finance Buy to Let approved panel is to comply with the CML Handbook requirements (last updated for this lender on Molo Finance Buy to Let). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Molo Finance Buy to Let can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I note that you have a post code search directory identifying solicitors on the Molo Finance Buy to Let conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Molo Finance Buy to Let conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was scheduled to move into my first house last Thursday. My lawyer’s firm is on the Molo Finance Buy to Let conveyancing panel but has changed address in the past couple of months and had not informed Molo Finance Buy to Let of their new address. Molo Finance Buy to Let is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Molo Finance Buy to Let branch or your mortgage broker to see if they can assist.
I have today made my last payment due on mortgage with Molo Finance Buy to Let. I assume I don't need a solicitor on the Molo Finance Buy to Let panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Molo Finance Buy to Let mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Molo Finance Buy to Let mortgage from the register. Molo Finance Buy to Let,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Molo Finance Buy to Let has sent the Land Registry the discharge electronically, and
the Molo Finance Buy to Let has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Molo Finance Buy to Let mortgage has been paid off.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Molo Finance Buy to Let. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Molo Finance Buy to Let you will need to appoint a solicitor on the Molo Finance Buy to Let conveyancing panel.
After shopping around on the internet I have found a solicitor having made sure that they are on the Molo Finance Buy to Let conveyancing panel. Does my lawyer arrange the survey of the property?
Or
I've digested plenty of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Molo Finance Buy to Let conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Molo Finance Buy to Let will need an independent valuation of the property. Your lawyer will not arrange this. Usually Molo Finance Buy to Let will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Molo Finance Buy to Let you could contact your them to see if they have a list of approved surveyors.