Find a Law Firm
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
Magellan Homeloans Solicitor Panel Sample Enquires to our Call Center
Am I correct in assuming that the fact that my solicitor is not on the Magellan Homeloans Conveyancing panel that there is a problem with the quality of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Magellan Homeloans.
can you help? My lawyer is informing me me that he has to apply for a Local Authority search stemming from the fact that the firm are on the Magellan Homeloans approved lawyer panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Magellan Homeloans your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Magellan Homeloans’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Magellan Homeloans. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Magellan Homeloans conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Magellan Homeloans conveyancing panel as opposed to being supplied with a list from Magellan Homeloans directly.
We're in Liverpool, First time buyers buying with a mortgage (lender is Magellan Homeloans , but our solicitor is on the Magellan Homeloans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Magellan Homeloans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I previously instructed online conveyancers located in Bristol who are on the Magellan Homeloans solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the Magellan Homeloans mortgage. Is this an additional 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 but plenty of firms include it on their overall fee.
In what circumstances might Magellan Homeloans amend or withdraw their mortgage offer?
Banks and Building Societies such as Magellan Homeloans can withdraw their mortgage offer although this rarely happens. If Magellan Homeloans withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a number of examples:
- If the financial circumstances of the borrower have changed to the detriment and the Magellan Homeloans has been notified
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Magellan Homeloans conveyancing panel solicitors would be obliged to notify Magellan Homeloans of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
We expect to receive a DIP from Magellan Homeloans this week so we can work out what to offer on a property we like 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 find our own lawyer
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.
Other Topics
Transfer of Equity for Magellan HomeloansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors