Magellan Homeloans Solicitor Panel Sample Enquires to our Call Center from members of the public
Is the fact that my conveyancer is not isted on the Magellan Homeloans Conveyancing panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal 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. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Magellan Homeloans.
Our conveyancer has identified a problem with the lease for the flat we are purchasing. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Magellan Homeloans conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Magellan Homeloans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Magellan Homeloans are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Magellan Homeloans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
How do I find a local solicitor on the Magellan Homeloans conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Magellan Homeloans solicitor panel.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Magellan Homeloans conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Magellan Homeloans conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We expect to receive 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 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 am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Magellan Homeloans are being pedantic. The solicitor who is on the Magellan Homeloans conveyancing panel is recommending indemnity insurance as a solution but Magellan Homeloans are requiring a building regulation certificate. Why do Magellan Homeloans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Magellan Homeloans have referred the matter to their valuer. The reason why Magellan Homeloans may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Planning on purchasing a house with a mortgage with Magellan Homeloans. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Magellan Homeloans conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Magellan Homeloans conveyancing panel
