Find an Approved Solicitor on the Molo Finance Buy to Let Mortgages
Conveyancing Panel
FAQs : The Molo Finance Buy to Let Conveyancing Panel
I am selling my flat and the estate agent has just telephoned to warn that the buyers are swapping solicitor. I am told that this is due to the fact that Molo Finance Buy to Let will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My conveyancer has requested from me ID documents stating that this forms part of his requirements as a conveyancer on the Molo Finance Buy to Let Conveyancing panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Molo Finance Buy to Let your lawyer also has to check ID documents to satisfy Molo Finance Buy to Let
I see that you have a search directory identifying law firms on the Molo Finance Buy to Let conveyancing panel. Do firms pay you a referral fee if I retain 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.
The lawyers that just started acting on my purchase in Newcastle has without warning shut down. I only went with them because I had to have a lawyer on the Molo Finance Buy to Let conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Molo Finance Buy to Let conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help
When it comes to lenders such as Molo Finance Buy to Let do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My husband and I are spending time viewing apartments and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Molo Finance Buy to Let
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Molo Finance Buy to Let , ask your prospective lawyers check they are on the Molo Finance Buy to Let conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Molo Finance Buy to Let. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Molo Finance Buy to Let?
You must advise Molo Finance Buy to Let before letting out your property as this is likely to be a breach of Molo Finance Buy to Let’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Molo Finance Buy to Let directly. You need not do this via a Molo Finance Buy to Let conveyancing panel lawyer.