Q and A’s regarding the Magellan Homeloans Solicitor Panel from members of the public
My financial adviser has says he needs my law firm’s panel member for the Magellan Homeloans conveyancing panel. How do I find this out. I have tried my local Magellan Homeloans office but they have not responded to me.
You are best placed to get this information from your conveyancing lawyer. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Magellan Homeloans.
Our lawyer has uncovered a problem with the lease for the property 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 solicitor 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.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Magellan Homeloans conveyancing panel. My lawyer has said that they are on the Magellan Homeloans approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Magellan Homeloans conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Magellan Homeloans solicitor panel.
I am purchasing a right to buy flat and getting a mortgage with Magellan Homeloans. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Magellan Homeloans conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Magellan Homeloans conveyancing panel in your location.
I have agreed a price on a apartment I spoke to a lawyer recommended by my brother and he advised 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 pointed out that either firm 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 for conveyancing panel firms in your area. 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 today made my last payment due on 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.
My ex -wife’s name is on the Magellan Homeloans mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Magellan Homeloans mortgage in order to sell?
In terms of the Magellan Homeloans mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Magellan Homeloans in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.