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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?Is my firm on the Magellan Homeloans Conveyancing Panel? 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?
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Common questions asked concerning the Magellan Homeloans Solicitor Panel
What is the rationale as to why all property lawyers are not on the Magellan Homeloans Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Magellan Homeloans will not agree to this. Why was Magellan Homeloans even consulted?
Your lawyer being on the Magellan Homeloans conveyancing panel is duty bound to inform Magellan Homeloans of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Magellan Homeloans then they would have to discontinue acting for you and Magellan Homeloans.
Are there any apps to help search for a local solicitor on the Magellan Homeloans conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the conveyancer.
You can use the find a conveyancing panel tool 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.
I am purchasing a new build flat and getting a mortgage with Magellan Homeloans. How practical is it for me to do the conveyancing?
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.
My wife and I have arranged a further advance on our mortgage from Magellan Homeloans as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Magellan Homeloans conveyancing panel to deal with the legals?
Magellan Homeloans do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Magellan Homeloans panel
Planning on purchasing a house 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
I had an offer accepted on a property on the 7th January 2014, valuation was booked 4 days later, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Magellan Homeloans and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Magellan Homeloans conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Magellan Homeloans to deal with your lawyers application to be on the Magellan Homeloans conveyancing panel. There's no guarantee that your solicitors will be accepted.