Magellan Homeloans Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This software optimises the way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with notifications given on Magellan Homeloans’s changes. Notwithstanding that utilising the software is not a prerequisite for Magellan Homeloans , demonstrating you can stay up to date with Magellan Homeloans’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, protect your firm’s panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Magellan Homeloans

Lenders frequently vary 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,

Book a Personalised Demo

Recent Changes Include

# Date Assoc. Changes Related To
10.9 20/07/2016 CML
5.17.5b 20/07/2016 CML
5.1.1 20/07/2016 CML
5.4.6 20/07/2016 CML Local Search Indemnity Insurance
5.10.1 20/07/2016 CML
6.12.1 20/07/2016 CML
6.7.3 20/07/2016 CML
5.20.4 20/07/2016 CML
6.14.3 01/12/2014 CML
17.2.1a 05/08/2014 CML

Last update 26/05/2019

Q and A’s regarding the Magellan Homeloans Conveyancing Panel from members of the public

My husband and I are buying a 1 bedroom flat in Leeds with a mortgage from Magellan Homeloans. We like our solicitor but Magellan Homeloans says he's not on their "panel". We have to appoint one of the Magellan Homeloans panel firms 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?
Unfortunately,no. 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Magellan Homeloans
My god-son is in the process of securing a house that has just been built with a mortgage from Magellan Homeloans. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Magellan Homeloans conveyancing panel as a standard part of the process, and to the surveyor when requested.

The Developer will be required to start the process by downloading the form and completing it.

The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Magellan Homeloans conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

Your search tool is useful but there are many lawyers listed near Coventry on the Magellan Homeloans conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Magellan Homeloans approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am considering applying for a Magellan Homeloans mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Magellan Homeloans?
In theory, you could use a solicitor that is not on Magellan Homeloans conveyancing panel, but Magellan Homeloans would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is it the case that all solicitors 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 Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
We have a mortgage agreed in principle with Magellan Homeloans. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Magellan Homeloans?
Some lenders take longer than others. Have Magellan Homeloans done the valuation? Have you advised Magellan Homeloans as your lawyers details and checked that your lawyer is on the Magellan Homeloans conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am about to exchange contracts on a purchase with a mortgage from Magellan Homeloans. The report from my solicitor mentions that Magellan Homeloans could withdraw their offer before completion. Is this right?
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 various possible reasons but here are a few examples:
  • If the borrower informs Magellan Homeloans of a change in the loan amount agreed
  • 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 to proceed with the Mortgage offer would be unlawful
  • Where the sale is not at arms length for value to unconnected persons
  • Where the Lender’s right to possession is fettered in some way