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Molo Finance Buy to Let Conveyancing Panel : Questions and Answers
My fiance and I are buying a 3 bedroom apartment in London with a mortgage from Molo Finance Buy to Let. We have a lawyer but Molo Finance Buy to Let says she’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. This seems very unfair; 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
My lawyer is asking me for proof of ID documents asserting that this forms part of his requirements as a conveyancer on the Molo Finance Buy to Let Conveyancing panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Molo Finance Buy to Let also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Molo Finance Buy to Let CML Handbook requirements last updated on Molo Finance Buy to Let
I need to find a Molo Finance Buy to Let panel solicitor in Stirling. Can you assist?
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
I am considering remortgaging my flat does my lawyer have to be on the Molo Finance Buy to Let Conveyancing panel?
There is nothing to stop you using your solicitor but Molo Finance Buy to Let will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My husband and I are at the point of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with Molo Finance Buy to Let
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Molo Finance Buy to Let , make sure you remember to check that your lawyer is on the Molo Finance Buy to Let conveyancing panel.
The mortgage over my property is with Molo Finance Buy to Let. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Molo Finance Buy to Let?
Molo Finance Buy to Let must be informed of your intention in advance of renting your property as this is likely to be a breach of Molo Finance Buy to Let’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Molo Finance Buy to Let directly. You need not do this via a Molo Finance Buy to Let conveyancing panel firm.
I was told two weeks ago that my mortgage has been agreed to by Molo Finance Buy to Let. Is it usual for Molo Finance Buy to Let to only issue the offer once my solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Molo Finance Buy to Let to deal with your lawyers application to be on the Molo Finance Buy to Let conveyancing panel. There's no guarantee that your solicitors will be accepted.