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 such as AmTrust. It is a unique risk mitigation tool.

This software is the only way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Magellan Homeloans’s changes. Notwithstanding that utilising the software is not a condition for being on the Magellan Homeloans panel, demonstrating you can stay up to date with Magellan Homeloans’s Handbook requirements is an excellent support to your panel application and, more importantly, safeguard your firm’s panel standing.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, leads to a PII saving.

Find a Law Firm approved by Magellan Homeloans

Lenders often 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
10.2b 20/07/2016 CML
4.5a 20/07/2016 CML
5.14.15a 20/07/2016 CML Absentee Landlord Indemnity Insurance
5.15.2a 20/07/2016 CML
5.4.4 20/07/2016 CML
6.6.3 20/07/2016 CML
6.6.4 20/07/2016 CML
6.7.1 20/07/2016 CML
6.14.1 01/12/2014 CML
1.11b 06/08/2013 CML

Last update 10/07/2019

Magellan Homeloans Solicitor Panel Sample Enquires to our Call Center from members of the public

Is the fact that my conveyancer is not isted on the Magellan Homeloans Conveyancing panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Magellan Homeloans.
Our conveyancer has identified a problem with the lease for the flat we are purchasing. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Magellan Homeloans conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Magellan Homeloans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Magellan Homeloans are the client. A precondition to being on the Magellan Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Magellan Homeloans). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Magellan Homeloans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How do I find a local solicitor on the Magellan Homeloans conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. 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.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Magellan Homeloans conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Magellan Homeloans conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We expect to receive a DIP from Magellan Homeloans this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Magellan Homeloans recommend a solicitor on the Magellan Homeloans conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Magellan Homeloans conveyancing panel. The solicitor represents both you and the Magellan Homeloans through the process.
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Magellan Homeloans are being pedantic. The solicitor who is on the Magellan Homeloans conveyancing panel is recommending indemnity insurance as a solution but Magellan Homeloans are requiring a building regulation certificate. Why do Magellan Homeloans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Magellan Homeloans have referred the matter to their valuer. The reason why Magellan Homeloans may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Planning on purchasing a house with a mortgage with Magellan Homeloans. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Magellan Homeloans conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Magellan Homeloans conveyancing panel