Magellan Homeloans Conveyancing Lender Panel Compliance Tool

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COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk mitigation tool.

This system is the only way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Magellan Homeloans’s changes. While 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 panel application and, just as importantly, protect your firm’s panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Magellan Homeloans

Lenders frequently 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, frequently:

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,

Magellan Homeloans Solicitor Panel Example Support Desk Enquires from members of the public

My financial adviser has asked me for my solicitor’s panel member for the Magellan Homeloans conveyancing panel. How do I obtain this. I have tried my local Magellan Homeloans office but they have not got back to me yet.
Have you tried speaking to your lawyer about this?. They should have a central record lender panel numbers including the Magellan Homeloans panel reference.
I do hope you can help me. My solicitor is advising me that he is legally obliged to order a Local Authority search as the firm are on the Magellan Homeloans conveyancing panel. Is this really necessary?
You have limited options available to you. As you are taking a mortgage with Magellan Homeloans your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Magellan Homeloans’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Magellan Homeloans. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I require the services of a Magellan Homeloans panel solicitor in Belfast. Can you assist?
It is not clear why you need a Magellan Homeloans panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Magellan Homeloans to find out which solicitors in Magellan Homeloans are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am considering applying for a Magellan Homeloans mortgage for purchase of a newly converted (under development) with 70% 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.
When it comes to mortgage companies such as Magellan Homeloans do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
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? sometimes it can take as long as six weeks for a mortgage offer to be issued
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Magellan Homeloans?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Magellan Homeloans conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Magellan Homeloans and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.

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