Molo Finance Buy to Let Conveyancing Panel Example Support Desk Enquires from members of the public
My fiance and I are purchasing a 2 bedroom apartment in Hackney with a mortgage from Molo Finance Buy to Let. We like our solicitor but Molo Finance Buy to Let says he's not on their "panel". We have to appoint one of the Molo Finance Buy to Let panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
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 solicitors to apply to be on the conveyancing panel for Molo Finance Buy to Let
We are only a couple days away from an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Molo Finance Buy to Let. Apparently, being on the Molo Finance Buy to Let conveyancing panel and acting on their behalf he must inform Molo Finance Buy to Let if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Molo Finance Buy to Let to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Molo Finance Buy to Let if you agree, failing which, your lawyer must cease to continue acting.
I have been looking for competitive conveyancing fees. Can I be assured that all the practices that are listed on your website are on the Molo Finance Buy to Let conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Molo Finance Buy to Let panel and agreed to advise us to take down their listing in the event of removal off of the Molo Finance Buy to Let panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Molo Finance Buy to Let conveyancing panel is incorrect.
I am buying a right to buy flat and getting a mortgage with Molo Finance Buy to Let. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Molo Finance Buy to Let conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Molo Finance Buy to Let conveyancing panel in your location.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Molo Finance Buy to Let conveyancing panel requirements are different to Molo Finance Buy to Let’s conveyancing panel criteria.
We are getting a further advance on our mortgage from Molo Finance Buy to Let as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Molo Finance Buy to Let conveyancing panel to deal with the paperwork?
Molo Finance Buy to Let would not normally instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Molo Finance Buy to Let panel
For 5 years I had a mortgage with Molo Finance Buy to Let. My uncle retired last week and wants to pay off the mortgage left on the property. After Molo Finance Buy to Let is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Molo Finance Buy to Let conveyancing panel? I do not intend to live at the property once the Molo Finance Buy to Let mortgage is discharged.
You
will need a solicitor but they need not be on the Molo Finance Buy to Let conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.