Molo Finance Buy to Let Solicitor Panel Recently Asked Questions from members of the public
My financial adviser has has requested my law firm’s panel reference for the Molo Finance Buy to Let conveyancing panel. How do I find this out. I have tried my local Molo Finance Buy to Let branch but they have not responded to me.
Have you tried speaking to your lawyer about this?. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details 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.
Is it necessary during the course of the conveyancing process to visit the offices of the Molo Finance Buy to Let conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
.
My lawyers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Molo Finance Buy to Let. Is it case that being on the Molo Finance Buy to Let conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Molo Finance Buy to Let Conveyancing Panel Terms. It might be worth you contacting Molo Finance Buy to Let directly.
I previously instructed online solicitors based in Manchester who are on the Molo Finance Buy to Let solicitor panel. They are now charging me a separate fee of £175 for dealing with 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.
After shopping around on the internet I have found a solicitor having made sure that they are on the Molo Finance Buy to Let conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Molo Finance Buy to Let conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Molo Finance Buy to Let will need an independent valuation of the property. Your lawyer will not arrange this. Usually Molo Finance Buy to Let will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Molo Finance Buy to Let you could contact your them to see if they have a list of approved surveyors.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going 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.