Common questions asked concerning the Magellan Homeloans Conveyancing Panel
from members of the public
I have just been informed by my mortgage adviser that my the law firm I have appointed is not on the Magellan Homeloans Conveyancing panel. How can I check?
You need to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the the approved Magellan Homeloans solicitor panel.
can you help? My conveyancer is advising me that she is duty-bound to order a Local Authority search as the firm are on the Magellan Homeloans solicitor panel. Do I not have a choice here?
You have limited options available to you. 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.
Are the lawyers identified as being on the Magellan Homeloans conveyancing panel, together with their details provided by Magellan Homeloans?
The firms 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.
My conveyancers in Birmingham have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Magellan Homeloans. Is it case that being on the Magellan Homeloans conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Magellan Homeloans Conveyancing Panel Terms. It might be worth you contacting Magellan Homeloans directly.
Do the majority of banks 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 requirements.
My fiance and I are spending time looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Magellan Homeloans
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Magellan Homeloans , make sure you remember to check that your lawyer is on the Magellan Homeloans conveyancing panel.
I have paid off my mortgage with Magellan Homeloans. I assume I don't need a solicitor on the Magellan Homeloans panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Magellan Homeloans mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Magellan Homeloans mortgage from the register. Magellan Homeloans,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Magellan Homeloans has sent the Land Registry the discharge electronically, and
the Magellan Homeloans has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Magellan Homeloans mortgage has been paid off.