Magellan Homeloans Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This system optimises the way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Magellan Homeloans’s changes. While using COMPLETIONmonitor 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 an excellent support to your application to their lender panel and, more importantly, protect your panel status.

The software creates real-time alerts, automatically produces compliance and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Magellan Homeloans

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, over time:

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
5.14.13 20/07/2016 CML
5.17.5a 20/07/2016 CML
6.13.1 20/07/2016 CML
6.2.1 20/07/2016 CML
6.7.2 20/07/2016 CML
6.9.1 20/07/2016 CML Unknown Rights and Easements Indemnity Insurance
6.14.1 30/11/2015 CML
6.14.1b 01/12/2014 CML

Last update 07/11/2019

Common questions asked concerning the Magellan Homeloans Conveyancing Panel from members of the public

My mortgage broker has has requested my lawyer’ panel reference for the Magellan Homeloans conveyancing panel. What is the best way to discover this. I have contacted my local Magellan Homeloans branch but they have not got back to me yet.
Have you tried speaking to your lawyer about this?. 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.
We are getting closer to an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Magellan Homeloans. I am advised that, being on the Magellan Homeloans conveyancing panel and acting on their behalf he must inform Magellan Homeloans if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Magellan Homeloans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Magellan Homeloans if you agree, failing which, your lawyer must cease to continue acting.
I am planning to acquire a house and need a conveyancing solicitor in Birmingham who is on the Magellan Homeloans solicitor. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Magellan Homeloans . We don’t recommend any particular firm.
We're in Wales, First time buyers purchasing with a mortgage (lender is Magellan Homeloans , but our solicitor is on the Magellan Homeloans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Magellan Homeloans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing solicitors on the Magellan Homeloans conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
is it true that all solicitor practices on the Magellan Homeloans conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Magellan Homeloans conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have paid off my mortgage with Magellan Homeloans. I assume I don't need a solicitor on the Magellan Homeloans panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Magellan Homeloans mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Magellan Homeloans mortgage from the register. Magellan Homeloans,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage: but are not moving to another property where the Magellan Homeloans has sent the Land Registry the discharge electronically, and the Magellan Homeloans has instructed the Land Registry to do so The Land Registry will send you a letter confirming that your Magellan Homeloans mortgage has been paid off.