Molo Finance Buy to Let Conveyancing Panel Information

Many estate agents will be 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 solicitors .

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 borrower 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.

Given that your firm in is on the Molo Finance Buy to Let conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Molo Finance Buy to Let are to lend, they may require indemnity insurance. In any event,you will need to check Molo Finance Buy to Let’s specific requirements. Notwithstanding whether Molo Finance Buy to Let will lend in such circumstances you still need to advise the borrower (unless you are acting for Molo Finance Buy to Let alone) as to the risks of buying a property with an insolvent or absentee freeholder.

8 consumers search for a property lawyer on the Molo Finance Buy to Let panel on a monthly basis in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be identified by those searching for conveyancing in Hendon.

In the circumstances please clarify on the application what action you have taken to discover the reasons behind cancellation of your Molo Finance Buy to Let panel membership. 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?

You should get in touch with Molo Finance Buy to Let to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express inquiry for banks to cite who to contact to obtain standard documents. Molo Finance Buy to Let in their Part 2’s state: It is likely that you will need to disclose your Molo Finance Buy to Let solicitors panel number.