Molo Finance Buy to Let Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. COMPLETIONmonitor is a unique risk management tool.

This software assists the way you can prove to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Molo Finance Buy to Let’s changes. Even though utilising this technology is not a prerequisite for Molo Finance Buy to Let , demonstrating you can remain up to date with Molo Finance Buy to Let’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your firm’s panel standing.

The software creates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Molo Finance Buy to Let

Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Molo Finance Buy to Let are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Molo Finance Buy to Let has made 136 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 20.1 days. In total, 56% of the sections of P2 of the UK Finance Lenders’ Handbook for Molo Finance Buy to Let have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
10.2b 26/03/2020 CML
3.2.3 26/02/2020 CML
6.7.4 26/02/2020 CML
16.1.1 22/10/2018 CML
16.5.2 22/10/2018 CML
17.2.1b 22/10/2018 CML
5.14.1 22/10/2018 CML
5.17.5a 22/10/2018 CML
5.19.1 22/10/2018 CML
5.5.3a 22/10/2018 CML Lack of Planning Permission Indemnity Insurance

Last update 05/04/2020

Frequently asked questions relating to the Molo Finance Buy to Let Conveyancing Panel from members of the public

I was advised recently by my IFA that my the law firm I have appointed is not on the Molo Finance Buy to Let Conveyancing panel. What can I do to be sure that this is correct?
The best course of action for you to take is to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the the approved Molo Finance Buy to Let solicitor panel.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this 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 advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
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.
Your search tool is useful but there are many lawyers listed near Hackney on the Molo Finance Buy to Let conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Molo Finance Buy to Let ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
Please explain the implications if my solicitor is suspended from the Molo Finance Buy to Let Conveyancing panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Do conveyancing solicitors on the Molo Finance Buy to Let conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We are getting a further advance on our mortgage from Molo Finance Buy to Let as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Molo Finance Buy to Let conveyancing panel to deal with the legals?
Molo Finance Buy to Let do not ordinarily instruct a member of their conveyancing panel 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 list
After much negotiation I have agreed a price on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Molo Finance Buy to Let conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Molo Finance Buy to Let panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.