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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
My fiance and I are first time buyers. Within the 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Magellan Homeloans have this morning contacted us to advise us that there is now an issue as our lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitors should contact Magellan Homeloans and see if they can apply for membership of the Magellan Homeloans conveyancing panel, but if that is not viable Magellan Homeloans will instruct their own solicitors to act. You don't have to instruct a firm on the Magellan Homeloans conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am buying a newly constructed duplex and my lawyer is telling me that she is duty bound to reveal incentives from the builder as her firm is on the Magellan Homeloans conveyancing panel. I am on a tight deadline to exchange and I have no desire to delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Magellan Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Magellan Homeloans). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What tools are available to search for a local solicitor on the Magellan Homeloans conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Magellan Homeloans solicitor panel.
Please explain the implications if my lawyer’s firm is suspended from the Magellan Homeloans Conveyancing panel prior to the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it the case that all conveyancing solicitors on the Magellan Homeloans conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Magellan Homeloans conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My brother and I have had an offer accepted on a flat I spoke to a conveyancer recommended by my brother and he advised retaining a solicitor approved by Magellan Homeloans. The estate agent recommended two local firms so I asked Magellan Homeloans if the 2 suggested solicitors are approved, which they are not. Magellan Homeloans suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Magellan Homeloans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Magellan Homeloans for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Magellan Homeloans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Magellan Homeloans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Magellan Homeloans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have a mortgage with Magellan Homeloans. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Magellan Homeloans?
Magellan Homeloans must be informed of your intention prior to letting out your property as this is likely to be a breach of Magellan Homeloans’s mortgage conditions. It may be that Magellan Homeloans will permit you to let 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 Magellan Homeloans directly. It should not be necessary to do this via a Magellan Homeloans conveyancing panel solicitor.
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