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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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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
Frequently asked questions relating to the Magellan Homeloans Solicitor Panel
We are buying a 3 bedroom flat in Leeds with a mortgage from Magellan Homeloans. We like our lawyer but Magellan Homeloans says he's not on their "panel". We have to appoint one of the Magellan Homeloans panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Magellan Homeloans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Magellan Homeloans
Please assist. My lawyer is not to blame 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 6 months + 3. My solicitor says that as she is on the Magellan Homeloans conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
A precondition to being on the Magellan Homeloans approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Magellan Homeloans)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Magellan Homeloans.
I need to find a Magellan Homeloans panel solicitor in Belfast. Could you help me?
Unfortunately it’s not apparent 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
The firm that I recently instructed on my purchase in Brighton has suddenly shut down. I chose them because I had to have a firm on the Magellan Homeloans conveyancing panel and my family lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Magellan Homeloans conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist
I had instructed online solicitors based in Bristol who are on the Magellan Homeloans solicitor panel. They are now charging me a separate fee of £195 for dealing with the Magellan Homeloans mortgage. Is this a supplemental conveyancing fee specified by Magellan Homeloans?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Magellan Homeloans but by your lawyers. Some firms on the Magellan Homeloans will charge an ‘acting for lender’ fee and others do not.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Magellan Homeloans. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
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.
My brother and I have had an offer accepted on a apartment I spoke to a lawyer previously used by my uncle and he advised instructing a law firm approved by Magellan Homeloans. The estate agent recommended two local firms so I asked Magellan Homeloans if the 2 suggested solicitors are approved, which they are not. Magellan Homeloans suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Magellan Homeloans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Magellan Homeloans to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Magellan Homeloans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Magellan Homeloans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Magellan Homeloans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
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