Magellan Homeloans Solicitor Panel Sample Enquires to our Call Center from members of the public
My lawyer has never been on on the Magellan Homeloans Conveyancing Panel. Is it possible for me to use my family solicitor even though they are not on the Magellan Homeloans panel of approved conveyancing solicitors?
The most common options here are as follows:
- Carry on with your preferred solicitors 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.
- Urge your lawyer to apply to join the Magellan Homeloans lender panel
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Magellan Homeloans. What risks do Magellan Homeloans expect the insurance to cover?
All property lawyers on the Magellan Homeloans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Magellan Homeloans’s Part 2 requirements of the CML Handbook (last updated on Magellan Homeloans). Being on the Magellan Homeloans conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a search directory identifying solicitors on the Magellan Homeloans conveyancing panel. Do firms pay you a commission if I appoint them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Magellan Homeloans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Magellan Homeloans Solicitor panel before completion?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of Magellan Homeloans panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
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.
I had an offer accepted on an apartment on the 20th February 2014, valuation was booked five days after, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Magellan Homeloans and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Magellan Homeloans conveyancing panel. Are Magellan Homeloans entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Magellan Homeloans to deal with your lawyers application to be on the Magellan Homeloans conveyancing panel. There's no guarantee that your solicitors will be accepted.