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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?
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How easy is it to change a solicitor as I need to find one who is on the Magellan Homeloans conveyancing panel. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
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.
I require the services of a Magellan Homeloans panel solicitor in Belfast. Could you help me?
It is not clear why you need a Magellan Homeloans panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Magellan Homeloans to find out which solicitors in Magellan Homeloans are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
My solicitors in London have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Magellan Homeloans. Is it case that being on the Magellan Homeloans conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Magellan Homeloans Conveyancing Panel Terms. It might be worth you contacting Magellan Homeloans directly.
We are getting 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 appoint 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
Is it common for Magellan Homeloans to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Magellan Homeloans can revoke their mortgage offer although this is unusual. In the unlikely event that Magellan Homeloans withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few 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
- Many mortgage offers have an expiry date. Your lawyer should check this. Magellan Homeloans may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Magellan Homeloans of a change in the loan amount agreed
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the sale is not at arms length for value to unconnected persons
I am due to exchange contracts on my flat. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Magellan Homeloans are being a right pain. The solicitor who is on the Magellan Homeloans conveyancing panel is saying indemnity insurance will be fine 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.