FAQs for the Molo Finance Buy to Let Solicitor Panel from members of the public
My fiance and I are novices when it comes to buying a property. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Molo Finance Buy to Let have this evening contacted us to inform me that they have now hit a problem as our solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitors should contact Molo Finance Buy to Let and see if they can apply for membership of the Molo Finance Buy to Let conveyancing panel, but if that is not viable Molo Finance Buy to Let will instruct their own lawyers to represent them. You don't have to instruct a firm on the Molo Finance Buy to Let conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you help?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Molo Finance Buy to Let was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor informs me that as she is on the Molo Finance Buy to Let conveyancing panel she needs to reorder the searches as they are no longer valid.
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 states 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.
I require the services of a Molo Finance Buy to Let panel solicitor in Stirling. Can you assist?
It is not clear why you need a Molo Finance Buy to Let panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Molo Finance Buy to Let to find out which solicitors in Molo Finance Buy to Let are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
My aunt passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Molo Finance Buy to Let , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Molo Finance Buy to Let will insist on your using a conveyancer on the Molo Finance Buy to Let 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 Molo Finance Buy to Let 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 Molo Finance Buy to Let mortgage is registered as a charge at the Land Registry.
I had instructed online conveyancers located in Bristol who are on the Molo Finance Buy to Let solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the Molo Finance Buy to Let mortgage. Is this an additional conveyancing fee set by Molo Finance Buy to Let?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Molo Finance Buy to Let but by your lawyers. Some firms on the Molo Finance Buy to Let will charge an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Molo Finance Buy to Let. Solicitors have been chosen? How long does it take for Molo Finance Buy to Let to send the offer to our conveyancer
Some lenders take longer than others. Have Molo Finance Buy to Let completed the survey? Have you advised Molo Finance Buy to Let as your lawyers details and checked that your lawyer is on the Molo Finance Buy to Let conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I have agreed a price on a house I spoke to a lawyer recommended by my dad and he advised retaining a law firm approved by Molo Finance Buy to Let. The estate agent recommended two local firms so I asked Molo Finance Buy to Let if the 2 suggested solicitors are approved, which they are not. Molo Finance Buy to Let suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Molo Finance Buy to Let 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Molo Finance Buy to Let for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Molo Finance Buy to Let conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Molo Finance Buy to Let conveyancing panel as it may only take about 2-3 weeks. As long as they meet Molo Finance Buy to Let’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
