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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.
Looking for information about your firm's panel status?
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 am obtaining a offer of a mortgage from Magellan Homeloans. I would like to use a Licensed Conveyancer. Does the Magellan Homeloans Solicitor panel allow for Licensed Conveyancers
Magellan Homeloans’s conveyancing panel is, like many other lenders associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Please assist. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Magellan Homeloans was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the Magellan Homeloans conveyancing panel she needs to reorder the searches as they are no longer valid.
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)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Magellan Homeloans.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Magellan Homeloans conveyancing panel. My lawyer has said that they are on the Magellan Homeloans approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Magellan Homeloans conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Magellan Homeloans solicitor panel.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Magellan Homeloans , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Magellan Homeloans will insist on your using a conveyancer on the Magellan Homeloans conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Magellan Homeloans conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Magellan Homeloans mortgage is registered as a charge at the Land Registry.
is it true that all solicitor practices 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 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).
What are the common reasons for a lender such as Magellan Homeloans to withdraw a mortgage offer?
Banks and Building Societies such as Magellan Homeloans can revoke their mortgage offer although this rarely happens. If Magellan Homeloans withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible 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
- If the borrower informs Magellan Homeloans of a change in security address
- 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
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I have a mortgage with Magellan Homeloans. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Magellan Homeloans?
Your original mortgage agreement with Magellan Homeloans will provide that you need their approval before renting your property as this is likely to be a breach of Magellan Homeloans’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 firm.
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