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Magellan Homeloans Solicitor Panel: Recently Asked Questions
Magellan Homeloans would like me to represent them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Magellan Homeloans conveyancing panel) How will this operate and are there different requirements from Magellan Homeloans in this situation?
The Council of Mortgage Lenders, together with
Magellan Homeloans and other members developed a standard set of requirements where a solicitor is representing a lender such as Magellan Homeloans alone in a residential conveyancing matter.
These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be read together with Part I and II.
The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.
Is it true that the Law Society has advised that firms check their status on the
Magellan Homeloans conveyancing panel?
The Law Society of Scotland has advised that solicitors should check their panel status with lenders before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Magellan Homeloans conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com
A long standing client of my firm is purchasing a detached house for £700,000 in Leeds requiring a mortgage advance over GBP 450,000.
I am on the
Magellan Homeloans conveyancing panel but do Magellan Homeloans have a separate approved panel when the advance is above 350k?
Lexsure only know of two or three banks 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
Do lenders such as
Magellan Homeloans operate detached conveyancing panel for buy to let mortgages?
Most 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.
My post-completion clerk has resigned on short notice.
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.
We had our Magellan Homeloans panel membership suspended but we have not yet been given a reason as to why.
I am completing a CQS application form what information should I report?
In the circumstances please clarify on the form what action 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 revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?
I am on the
Magellan Homeloans
conveyancing panel and due to complete a purchase within the next few weeks. My papers do not include a Mortgage Deed for the client to execute.
Who do I contact at Magellan Homeloans to request substitute deeds?
You should contact Magellan Homeloans
to obtain standard documents. The CML Handbook contains an individual section for lenders to reveal who to contact to obtain standard documents.
Magellan Homeloans in their Part 2’s state:
Always remember to quote the firm’s Magellan Homeloans conveyancing panel number.
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
