Examples of recent questions relating to the Molo Finance Buy to Let Solicitor Panel from members of the public
My husband and I are buying a 1 bedroom flat in Newcastle with a mortgage from Molo Finance Buy to Let. We like our lawyer but Molo Finance Buy to Let says she’s not on their "panel". It seems we have little choice but to instruct one of the Molo Finance Buy to Let panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Molo Finance Buy to Let use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Molo Finance Buy to Let conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Molo Finance Buy to Let
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Molo Finance Buy to Let was issued random date and we have agreed a date for me to move into the property on Tues etc. My lawyer informs me that as she is on the Molo Finance Buy to Let conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions 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)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Molo Finance Buy to Let.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Molo Finance Buy to Let solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Molo Finance Buy to Let mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Molo Finance Buy to Let?
There is nothing to stop you using your solicitor but Molo Finance Buy to Let will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all conveyancing solicitors on the Molo Finance Buy to Let conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Molo Finance Buy to Let conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Can I be sure that the solicitor on the Molo Finance Buy to Let panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your transaction
I currently have a mortgage with with Molo Finance Buy to Let. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property 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?
Molo Finance Buy to Let must be informed of your intention before renting 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. It should not be necessary to do this via a Molo Finance Buy to Let conveyancing panel solicitor.