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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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Frequently asked questions relating to the Magellan Homeloans Solicitor Panel
My IFA has has requested my law firm’s panel reference for the Magellan Homeloans conveyancing panel. How do I discover this. I have called my local Magellan Homeloans office but they have not responded to me.
the sensible thing to do is ask for this information from your solicitor. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Magellan Homeloans.
I am due to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Magellan Homeloans. What does the insurance need to cover?
All property lawyers 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.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Magellan Homeloans conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Magellan Homeloans approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to have the title changed 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 the case that all solicitor practices on the Magellan Homeloans conveyancing panel regulated by the Solicitors Regulatory Authority?
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).
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Magellan Homeloans. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Magellan Homeloans involved you will need to appoint a solicitor on the Magellan Homeloans conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Magellan Homeloans. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Magellan Homeloans conveyancing panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Magellan Homeloans are being a right pain. The solicitor who is on the Magellan Homeloans conveyancing panel is recommending indemnity insurance as a solution but Magellan Homeloans are requiring a building regulation certificate. Why do Magellan Homeloans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Magellan Homeloans have referred the matter to their valuer. The reason why Magellan Homeloans may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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