Looking for information about your firm's panel status?
Molo Finance Buy to Let Solicitor Panel: Recently Asked Questions
Can a practice make a complaint to the Council of Mortgage Lenders about being suspended from the Molo Finance Buy to Let conveyancing panel?
The CML is an association rather than a regulator and therefore cannot investigate grievances against lenders. You can of course contact Lexsure to see if we can help.
It is possible that Molo Finance Buy to Let could request or audit my files as I am on the
Molo Finance Buy to Let conveyancing panel. What do I do if I receive such a request?
We can't comment specifically on
Molo Finance Buy to Let. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the buyer client and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.
Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if she is in dispute with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.
The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Molo Finance Buy to Let conveyancing panel?
In order to be on the Molo Finance Buy to Let conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Molo Finance Buy to Let) are as follows:
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
- You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
- Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
- That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
The firm that I work for is on the
Molo Finance Buy to Let conveyancing panel. I am dealing with
Molo Finance Buy to Let mortgage on a purchase. My borrower client is asking not to disclose an issue to
Molo Finance Buy to Let. What do I do in this conflict situation?
When a solicitor is acting for both
Molo Finance Buy to Let and borrower there is potential for conflicts
to arise. You owe duties to both clients. All information received by
you from your client is confidential and cannot be disclosed without
the client’s consent. In the situation you find yourself in if the
purchaser will not consent to the information being passed on to the
lender the solicitor must cease to act for the Molo Finance Buy to Let
and it may well be prudent you to cease to act for the purchaser as
well. You can not tell the Molo Finance Buy to Let the reason for
termination of the retainer over and above the fact that a conflict
has arisen. The fact that you can no longer act should alert even the
most somnambulistic of lenders that something is wrong with the
borrower and/or purchase. The fact that you have disinstructed
yourself should not affect your Molo Finance Buy to Let conveyancing
panel status.
My post-completion clerk has left my firm unexpectedly.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Molo Finance Buy to Let once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Molo Finance Buy to Let?
Molo Finance Buy to Let will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Molo Finance Buy to Let conveyancing panel.
Our firm had their Molo Finance Buy to Let panel membership suspended but we have not yet been given a reason as to why.
I am completing a CQS renewal form what details do I need to disclose?
In the circumstances please clarify on the application what steps you have taken to discover the reasons behind cancellation of your
Molo Finance Buy to Let panel status.
In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?
I am on the
Molo Finance Buy to Let
conveyancing panel and scheduled to complete a purchase shortly. I dont have a Legal Charge for the client to execute.
Who do I contact at Molo Finance Buy to Let to request substitute deeds?
You would be advised to communicate with Molo Finance Buy to Let
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for banks to enumerate who to contact to obtain standard documents.
Molo Finance Buy to Let in their Part 2’s state:
You will need to quote your Molo Finance Buy to Let conveyancing panel number.
Find a Lawyer on the Molo Finance Buy to Let Conveyancing Panel
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Average number of days to register title including a charge in favour of Molo Finance Buy to Let
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Molo Finance Buy to Let Firms
- Draft Report on Title precedent for Molo Finance Buy to Let borrowers
- Draft Anti Money Laundering PolicyTemplate for Molo Finance Buy to Let panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Molo Finance Buy to Let lender panel
- Buy-to-Let help for Molo Finance Buy to Let
- Consent-to-Let help for Molo Finance Buy to Let
- Contractor Mortgages with Molo Finance Buy to Let
