Q and A’s regarding the Molo Finance Buy to Let Conveyancing Panel
from members of the public
My husband and I are hoping to buy a 1 bedroom flat in Leeds with a mortgage from Molo Finance Buy to Let. We like our lawyer but Molo Finance Buy to Let says he's not on their "panel". It seems we have little choice but to instruct 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. We feel as though this is unjust; 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Molo Finance Buy to Let
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Molo Finance Buy to Let will not agree to this. Why was Molo Finance Buy to Let even consulted?
Your lawyer being on the Molo Finance Buy to Let conveyancing panel is duty bound to inform Molo Finance Buy to Let of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Molo Finance Buy to Let then they would have to discontinue acting for you and Molo Finance Buy to Let.
I need to find a Molo Finance Buy to Let panel solicitor in Belfast. Could you help me?
Unfortunately it’s not apparent 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
The solicitors that I appointed last week on my purchase in Manchester has without warning shut down. I chose them because I needed a firm on the Molo Finance Buy to Let conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Molo Finance Buy to Let conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
I had instructed online solicitors based 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 a supplemental 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.
For 5 years I had a mortgage with Molo Finance Buy to Let. My uncle has just retired 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.
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. There's no capital gains tax for you as it is
your main residence.
The for formalities of my remortgage has taken place with a loan from Molo Finance Buy to Let. Conveyancing was satisfactory but I would like to complain about Molo Finance Buy to Let. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the Molo Finance Buy to Let branches or the Customer Services Department at Molo Finance Buy to Let head office. In most cases complaints to Molo Finance Buy to Let are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service
with full details of your complaint.