Magellan Homeloans Conveyancing Lender Panel Compliance Tool

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

This system facilitates 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 utilising the software 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 application to their lender panel and, more importantly, safeguard your panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Magellan Homeloans

Banks and building societies 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, 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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Examples of recent questions relating to the Magellan Homeloans Solicitor Panel from members of the public

On what basis would a law firm be excluded from the Magellan Homeloans approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The most common reasons in order are :
  1. lack 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
My conveyancer has discovered a difference when comparing the assumptions in Magellan Homeloans’s home valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that as he is on the Magellan Homeloans conveyancing panel he is duty bound to check that the lender is with this discrepancy and is content go ahead. Is my lawyer’s course or action right?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Magellan Homeloans conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Magellan Homeloans conveyancing panel as opposed to being supplied with a list from Magellan Homeloans directly.
I would like to get my former partner taken off the mortgage deeds. Can Magellan Homeloans really insist on which solicitor I can or can not retain?
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
Are all Conveyancing Quality Solicitors on the Magellan Homeloans conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
We were going to get a DIP from Magellan Homeloans this week so we know how much we could potentially offer 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 go independently
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.
Can I register a complaint to Magellan Homeloans about the lawyers being on the Magellan Homeloans conveyancing panel?
There is little point in complaining directly to Magellan Homeloans. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.

The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.

If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.