Magellan Homeloans Conveyancing Panel Information

Section 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Magellan Homeloans conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

Lexsure only know of two or three lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Magellan Homeloans. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Magellan Homeloans

In order to be on the Magellan Homeloans conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Magellan Homeloans) are as follows:

• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Magellan Homeloans as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Magellan Homeloans we suggest that you call Magellan Homeloans to check the position.

In the circumstances please clarify on the application what action you have taken to find out 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 termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to get in touch with Magellan Homeloans to obtain standard documents. The CML Handbook has an express section for banks to reveal who to contact to obtain standard documents. Magellan Homeloans in their Part 2’s state: You will need to disclose the firm’s Magellan Homeloans conveyancing panel reference.