Find a Law Firm
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.
Find an Approved Solicitor on the Magellan Homeloans Conveyancing Panel
FAQs for the Magellan Homeloans Conveyancing Panel
My financial adviser has informed me that I have to pay Magellan Homeloans fees if I use my own solicitor. How good are the Magellan Homeloans conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Are there any Magellan Homeloans conveyancers you'd recommend?
Magellan Homeloans’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Magellan Homeloans will allow to act for them.
Expecting to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Magellan Homeloans. What does the insurance need to cover?
Any lawyer on the Magellan Homeloans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Magellan Homeloans’s Part 2 requirements of the CML Handbook (last updated on Magellan Homeloans). Being on the Magellan Homeloans conveyancing panel your lawyer is expect to follow these instructions.
How do I 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 website. 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.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Magellan Homeloans Solicitor panel in advance of completion?
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 true that all solicitors on the Magellan Homeloans conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Magellan Homeloans conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Magellan Homeloans on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Magellan Homeloans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Magellan Homeloans. Unless your lawyer obtains specific confirmation in writing that Magellan Homeloans will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Magellan Homeloans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Intending to buy a flat with a mortgage with Magellan Homeloans. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Magellan Homeloans conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Magellan Homeloans conveyancing panel