Molo Finance Buy to Let Conveyancing Panel Recently Asked Questions from members of the public
A conveyancer my fiance and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my lender is because of their unusual legal requirements. Will I regret using Molo Finance Buy to Let? Is Molo Finance Buy to Let conveyancing so much more difficult?
Molo Finance Buy to Let conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Molo Finance Buy to Let conveyancing panel. If they are not, this does add further risk of delay as Molo Finance Buy to Let will appoint their own solicitors to look after their interest.
My grandson is buying a house that has just been built with a home loan from Molo Finance Buy to Let. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Molo Finance Buy to Let conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Molo Finance Buy to Let conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Molo Finance Buy to Let conveyancing panel. My lawyer has said that they are on the Molo Finance Buy to Let approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Molo Finance Buy to Let conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Molo Finance Buy to Let solicitor panel.
I am considering applying for a Molo Finance Buy to Let mortgage for purchase of a newly converted (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Molo Finance Buy to Let?
In theory, you could use a solicitor that is not on Molo Finance Buy to Let conveyancing panel, but Molo Finance Buy to Let would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am currently in the process of buying my council flat. I have a mortgage agreed with Molo Finance Buy to Let. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Molo Finance Buy to Let you will need to appoint a solicitor on the Molo Finance Buy to Let conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Molo Finance Buy to Let on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Molo Finance Buy to Let conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Molo Finance Buy to Let. Unless your lawyer obtains specific confirmation in writing that Molo Finance Buy to Let will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Molo Finance Buy to Let to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Molo Finance Buy to Let?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Molo Finance Buy to Let conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Molo Finance Buy to Let and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.