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. COMPLETIONmonitor is a unique risk management tool.

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Magellan Homeloans’s changes. Even though 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 system creates real-time alerts, automatically produces SRA and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

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Banks and building societies 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
3.2.4 20/07/2016 CML
4.5a 20/07/2016 CML
5.14.9 20/07/2016 CML
6.7.4 20/07/2016 CML
9.1 20/07/2016 CML Adverse Possession Indemnity Insurance Possessory Title Indemnity Insurance Missing Deeds Indemnity Insurance Defective Title Indemnity Insurance
3.1.3 20/07/2016 CML
3.1.4 01/12/2014 CML
6.14.1c 01/12/2014 CML
6.14.1 01/12/2014 CML
3.1.5 01/12/2014 CML

Last update 21/01/2020

Examples of recent questions relating to the Magellan Homeloans Solicitor Panel from members of the public

I have been advised by my broker that I have to pay Magellan Homeloans fees should I instruct my family lawyer. How good are the Magellan Homeloans conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and not exorbitantly priced. Are there any Magellan Homeloans conveyancers you'd recommend?
Magellan Homeloans’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Magellan Homeloans will allow to act for them.
Our solicitor has uncovered a defect with the lease for the apartment we are purchasing. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the Magellan Homeloans conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Magellan Homeloans?
Just because you have a mortgage offer from Magellan Homeloans does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Magellan Homeloans are the client. These conveyancing instructions have to be complied with by the Magellan Homeloans conveyancing panel who has to balance acting for you and Magellan Homeloans
I am searching for conveyancing quotes online. Can I be sure that all the law firms that are listed on your directory are on the Magellan Homeloans conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Magellan Homeloans panel and agreed to advise us to take down their listing in the event of removal off of the Magellan Homeloans panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Magellan Homeloans conveyancing panel is incorrect.
I was supposed to complete on my flat last Thursday. My solicitor is on the Magellan Homeloans conveyancing panel but has changed address in the past couple of months and had not informed Magellan Homeloans of their new address. Magellan Homeloans is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Magellan Homeloans branch or your mortgage broker to see if they can assist.
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.
We were going to get a DIP from Magellan Homeloans this week so we can work out what to offer on a property we like 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 have a mortgage with Magellan Homeloans. My father has just retired and wants to pay off my mortgage. 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.
Although you do need to retain the services of a lawyer they dont need to be on the Magellan Homeloans 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.