Q and A’s regarding the Magellan Homeloans Conveyancing Panel from members of the public
What is the rationale as to why all property lawyers are not on the Magellan Homeloans Solicitor panel?
Even though it may seem unfair for Magellan Homeloans to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Magellan Homeloans are limiting their panel of approved conveyancing lawyers to a size that they are happy to control. The Magellan Homeloans conveyancing panel is not the most difficult to join
We are approaching an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Magellan Homeloans. Apparently, being on the Magellan Homeloans conveyancing panel and acting on their behalf he must inform Magellan Homeloans if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Magellan Homeloans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Magellan Homeloans if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Magellan Homeloans solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
The lawyers that I recently instructed on my purchase in Newcastle has without warning shut down. I chose them because I had to have a solicitor on the Magellan Homeloans conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Magellan Homeloans conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help
is it true that all solicitor practices on the Magellan Homeloans conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Magellan Homeloans conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My brother and I have agreed a price on a house I spoke to a solicitor previously used by my dad and he recommended instructing a law firm approved by Magellan Homeloans. The estate agent recommended two local firms so I asked Magellan Homeloans if the 2 suggested solicitors are approved, which they are not. Magellan Homeloans suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Magellan Homeloans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Magellan Homeloans to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Magellan Homeloans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Magellan Homeloans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Magellan Homeloans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Magellan Homeloans. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Magellan Homeloans you will need to appoint a solicitor on the Magellan Homeloans conveyancing panel.