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approved by Magellan Homeloans

Magellan Homeloans conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Magellan Homeloans conveyancing panel. If they are not, this does add further risk of delay as Magellan Homeloans will appoint their own solicitors to look after their interest.

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 do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

We are a listing service only for law firms wishing to communicate if they are on the Magellan Homeloans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.

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.

Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.

Your original mortgage agreement with Magellan Homeloans will provide that you need their approval 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. You need not do this via a Magellan Homeloans conveyancing panel firm.

Magellan Homeloans will need an independent valuation of the property. Your lawyer will not arrange this. Usually Magellan Homeloans will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Magellan Homeloans you could contact your them to see if they have a list of approved surveyors.