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Magellan Homeloans Conveyancing Lender Panel Compliance Tool

Looking for information about your firm's panel status?

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How can my firm apply to be on the Magellan Homeloans Conveyancing Panel?
Check your firm’s panel Status
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How can my firm be reinstated onto the Magellan Homeloans Conveyancing Panel?
Check your firm’s panel Status

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. It is supported by PI insurers such as AmTrust. It is a unique risk management tool.

This software is the only way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with automatic updates on Magellan Homeloans’s changes. While using this technology is not a condition for being on the Magellan Homeloans panel, demonstrating you can remain up to date with Magellan Homeloans’s Handbook requirements is a helpful support to your panel application and, more importantly, safeguard your panel standing.

The software creates real-time alerts, automatically produces regulatory 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 reduced PII premiums.

Find a Law Firm approved by Magellan Homeloans

Mortgage companies 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 UK Finance 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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Frequently asked questions relating to the Magellan Homeloans Solicitor Panel from members of the public

On what basis could a firm of solicitors be excluded from the Magellan Homeloans approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
  1. Low volume 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. We are not aware of the specific or common criteria for removal by 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.
Your search tool is useful but there are many lawyers listed near Leeds on the Magellan Homeloans conveyancing panel. Can you recommend a specific firm on the Magellan Homeloans approved panel?
We are not in the business of recommending one firm above another 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My conveyancers in Newcastle have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Magellan Homeloans. Is it case that being on the Magellan Homeloans conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Magellan Homeloans Conveyancing Panel Terms. It might be worth you contacting Magellan Homeloans directly.
Last month we had a mortgage agreed in principle with Magellan Homeloans. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Magellan Homeloans?
There is no definitive answer here. 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? It is not unusual for a mortgage offer to take a month to come through
I have a mortgage with Magellan Homeloans. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Magellan Homeloans?
You must advise Magellan Homeloans before letting out your property as this is likely to be a breach of Magellan Homeloans’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Magellan Homeloans directly. It should not be necessary to do this via a Magellan Homeloans conveyancing panel solicitor.
I had an offer accepted on a property on the 17th February 2014, valuation was booked 2 days later, all came back fine. Property lawyer instructed, so the only thing outstanding 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.

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