Magellan Homeloans Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This system is the only way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Magellan Homeloans’s changes. While utilising COMPLETIONmonitor is not a prerequisite for Magellan Homeloans , demonstrating you can remain up to date with Magellan Homeloans’s Handbook requirements is a helpful support to your panel application and, more importantly, protect your panel standing.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, leads to a PII saving.

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Mortgage companies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Magellan Homeloans are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Magellan Homeloans has made 219 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 12.5 days. In total, 59% of the sections of P2 of the UK Finance Lenders’ Handbook for Magellan Homeloans have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
5.14.15b 20/07/2016 CML Absentee Landlord Indemnity Insurance
5.14.9 20/07/2016 CML
5.15.2a 20/07/2016 CML
5.4.4 20/07/2016 CML
6.8.1 20/07/2016 CML Adoption of Road or Sewer Indemnity Insurance
7.4 20/07/2016 CML
3.1.5 20/07/2016 CML
5.5.1a 01/12/2014 CML
16.3.4 06/08/2013 CML
16.3.7b 06/08/2013 CML

Last update 12/11/2018

Magellan Homeloans Conveyancing Panel Recently Asked Questions from members of the public

We are buying a 3 bedroom apartment in Leeds with a mortgage from Magellan Homeloans. We would like to retain our solicitor but Magellan Homeloans says he's not on their "panel". It seems we have little choice but to instruct one of the Magellan Homeloans panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Magellan Homeloans use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Magellan Homeloans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Magellan Homeloans
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Magellan Homeloans will not agree to this. Why was Magellan Homeloans even consulted?
Your lawyer being on the Magellan Homeloans conveyancing panel is duty bound to inform Magellan Homeloans of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Magellan Homeloans then they would have to discontinue acting for you and Magellan Homeloans.
What tools are available to search for a local solicitor on the Magellan Homeloans conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Magellan Homeloans solicitor panel.
The solicitors that I recently instructed on my house acquisition in Brighton has suddenly closed. I chose them because I had to have a firm on the Magellan Homeloans conveyancing panel and my preferred 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 inform them 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 will need to 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 lawyers should be in a position to assist
Can I be sure that the solicitor on the Magellan Homeloans panel is any good?
seeking recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Magellan Homeloans have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Magellan Homeloans your lawyer must to check the Magellan Homeloans conveyancing instructions contained in the Part of CML Handbook for Magellan Homeloans . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Magellan Homeloans where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
My husband and I are in the throws of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a home loan with Magellan Homeloans
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use 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 , ask your prospective lawyers check they are on the Magellan Homeloans conveyancing panel otherwise they can't do the mortgage legal work.