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Magellan Homeloans Solicitor Panel: Recently Asked Questions
Are Magellan Homeloans Conveyancing panel solicitors under an obligation to disclose incentives?
Magellan Homeloans’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
Will the fact that my firm receives LENDERmonitor Alerts assist in my application to join the Magellan Homeloans conveyancing panel?
The requirements to join the Magellan Homeloans conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Being on the Magellan Homeloans conveyancing panel how long am I expected to archive the complete conveyancing file?
The CML Part II requirements of
Magellan Homeloans are silent on this. Most mortgage companies address the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Magellan Homeloans’s interest. To be
absolutely sure of Magellan Homeloans requirements in this regard
please check the Terms and Conditions of Magellan Homeloans’s
conveyancing panel appointment.
Do you have any idea what Lenders such as
Magellan Homeloans are asking for when it comes to applying to be on their approved conveyancing panel?
Criteria differ from lender to lender.
We do not hold specific requirements relating to the questions raised as part of the application to be on the
Magellan Homeloans conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
conveyancer client account(s) details
Structure of firm and, where applicable, its group
Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)
purchase and remortgage)
List of all Licensed Conveyancers within firm
Number of partners per branch of the firm
SRA or equivalent regulator registration number where applicable
Full disciplinary history for each conveyancing solicitor
Whether the firm has ever accepted instructions in respect of property clubs and investment schemes
Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.
My conveyancing assistant has left my firm unexpectedly.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Magellan Homeloans once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Magellan Homeloans?
Magellan Homeloans will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Magellan Homeloans conveyancing panel.
My firm has just been advised that it’s Magellan Homeloans panel membership revoked but we have not yet been given a reason as to why.
I am completing a CQS application form what information must I put forward?
In this situation please clarify on the form what steps you have taken to discover the reasons behind cancellation of your
Magellan Homeloans panel status.
In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
I am on the
Magellan Homeloans
conveyancing panel and scheduled to complete a remortgage shortly. I dont have a Legal Charge for the client to execute.
Who do I contact at Magellan Homeloans to request substitute deeds?
You should get in touch with Magellan Homeloans
to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual inquiry for lenders to cite who to contact to obtain standard documents.
Magellan Homeloans in their Part 2’s state:
Don’t forget to disclose the firm’s Magellan Homeloans solicitors panel reference.
Find a Lawyer on the Magellan Homeloans Solicitor Panel
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Average number of days to register title including a charge in favour of Magellan Homeloans
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Magellan Homeloans Firms
- Draft Report on Title precedent for Magellan Homeloans borrowers
- Draft Anti Money Laundering PolicyTemplate for Magellan Homeloans panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Magellan Homeloans lender panel
- Buy-to-Let help for Magellan Homeloans
- Consent-to-Let help for Magellan Homeloans
- Contractor Mortgages with Magellan Homeloans
