Magellan Homeloans Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and 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 requirements, with notifications given on Magellan Homeloans’s changes. While using 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, safeguard your panel standing.

The system generates real-time alerts, automatically produces SRA and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for many firms, results in a PII saving.

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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, 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,

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Recent Changes Include

# Date Assoc. Changes Related To
5.13.1 20/07/2016 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
5.16.2 20/07/2016 CML
5.17.5b 20/07/2016 CML
6.5.1 20/07/2016 CML
6.9.1 20/07/2016 CML Unknown Rights and Easements Indemnity Insurance
6.14.1 30/11/2015 CML
3.1.4 01/12/2014 CML
3.1.6 01/12/2014 CML
14.1.5 01/12/2014 CML
1.11a 05/08/2014 CML

Last update 05/04/2020

Magellan Homeloans Conveyancing Panel : Questions and Answers from members of the public

My mortgage broker has has requested my lawyer’ panel member for the Magellan Homeloans conveyancing panel. What is the best way to obtain this. I have tried my local Magellan Homeloans branch but they have not got back to me yet.
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.
Much to my surprise my conveyancer has informed me that he requires identification documents asserting that this is part of his requirements as a conveyancer on the Magellan Homeloans Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Magellan Homeloans your lawyer also has to check ID documents to satisfy Magellan Homeloans
I note that you have a post code search directory listing law firms on the Magellan Homeloans conveyancing panel. Do firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Magellan Homeloans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I would like to get my former partner taken off the mortgage deeds. Can Magellan Homeloans really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but Magellan Homeloans then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Magellan Homeloans solicitors panel
When it comes to lenders 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.
I have a mortgage with Magellan Homeloans. My grandfather has just retired and wants to pay off the mortgage left on the property. After Magellan Homeloans is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Magellan Homeloans conveyancing panel? I do not intend to live at the property once the Magellan Homeloans mortgage is discharged.
You will need a solicitor but they need not be on the Magellan Homeloans conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
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?
As regards 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.