Molo Finance Buy to Let Conveyancing Panel Information

Many estate agents are suffering if their clients start out on the conveyancing process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Molo Finance Buy to Let. Some changes are more important than others but as a firm on the Molo Finance Buy to Let conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

You will be aware of the trend in recent years for lenders such as Molo Finance Buy to Let to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Molo Finance Buy to Let panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Molo Finance Buy to Let have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Molo Finance Buy to Let’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Molo Finance Buy to Let. You will no doubt be required to undertake directly to Molo Finance Buy to Let’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Molo Finance Buy to Let conveyancing panel.

In the circumstances please clarify on the form what action you have taken to find out 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 termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You would be advised to get in touch with Molo Finance Buy to Let to obtain standard documents. The CML Handbook has a specific section for lenders to establish who to contact to obtain standard documents. Molo Finance Buy to Let in their Part 2’s state: Don’t forget to disclose your Molo Finance Buy to Let conveyancing panel number.