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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.
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?Find an Approved Solicitor on the Magellan Homeloans Conveyancing Panel
Common questions asked concerning the Magellan Homeloans Solicitor Panel
My property lawyer is not listed on the Magellan Homeloans Conveyancing Panel. Is it possible for me to continue with my preferred solicitor even though they are excluded from the Magellan Homeloans panel?
The most common options here are as follows:
- Complete the purchase with your preferred lawyers but Magellan Homeloans will need to instruct a lawyer on the Magellan Homeloans conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Magellan Homeloans conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Magellan Homeloans conveyancing panel
I am purchasing a newly built apartment and my lawyer is telling me that she has to reveal incentives from the builder as her firm is on the Magellan Homeloans conveyancing panel. I am nearing the developer’s deadline to exchange and I dont want to delay the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the Magellan Homeloans panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Magellan Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Magellan Homeloans). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I need to have a meeting at the offices of the Magellan Homeloans conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in London
so that I can attend their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
I am purchasing a terraced house and getting a mortgage with Magellan Homeloans. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Magellan Homeloans conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Magellan Homeloans conveyancing panel in your location.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Magellan Homeloans conveyancing panel requirements are different to Magellan Homeloans’s conveyancing panel criteria.
We expect to receive a DIP from Magellan Homeloans this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Magellan Homeloans recommend a solicitor on the Magellan Homeloans conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Magellan Homeloans conveyancing panel. The solicitor represents both you and the Magellan Homeloans through the process.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Magellan Homeloans are being problematic. 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.
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Transfer of Equity for Magellan HomeloansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors