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approved by Magellan Homeloans
Ready to buy a new home? Failing to check that a lawyer is on the Magellan Homeloans list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Magellan Homeloans Conveyancing Panel? How can my firm be reinstated onto the Magellan Homeloans Conveyancing Panel?Find an Approved Solicitor on the Magellan Homeloans Conveyancing Panel
Examples of recent questions relating to the Magellan Homeloans Conveyancing Panel
I instructed a solicitor to work on my house purchase six weeks ago having applied for a mortgage with Magellan Homeloans. The firm assured me that they are on Magellan Homeloans conveyancing panel and advised me their panel reference. Magellan Homeloans then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the conveyancing panel for Magellan Homeloans?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Magellan Homeloans as to how long they think it will take to get the firm to get back on the panel.
Much to my surprise my solicitor has informed me that he requires ID documents stating that this is part of his requirements as a solicitor on the Magellan Homeloans Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Magellan Homeloans your lawyer also has to check ID documents to satisfy Magellan Homeloans
I am searching for online conveyancing estimates. Can I be confident that all the practices that are listed on your site are on the Magellan Homeloans conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Magellan Homeloans panel and agreed to advise us to take down their listing in the event of removal off of the Magellan Homeloans panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Magellan Homeloans conveyancing panel is not accurate.
I am purchasing a terraced house and getting a mortgage with Magellan Homeloans. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Magellan Homeloans conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Magellan Homeloans conveyancing panel in your location.
Is it common for Magellan Homeloans to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Magellan Homeloans can revoke their mortgage offer although this is unusual. should Magellan Homeloans withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Where information comes to Magellan Homeloans ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Magellan Homeloans may amend or withdraw an offer if the Magellan Homeloans conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
For 5 years I had a mortgage with Magellan Homeloans. My godfather has just retired and wants to pay off my mortgage. After Magellan Homeloans is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Magellan Homeloans conveyancing panel? I do not intend to live at the property once the Magellan Homeloans mortgage is discharged.
You
will need a solicitor but they need not be on the Magellan Homeloans conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
My ex -wife’s name is on the Magellan Homeloans mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Magellan Homeloans mortgage in order to sell?
In terms of the Magellan Homeloans mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Magellan Homeloans in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
Other Topics
Transfer of Equity for Magellan HomeloansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors