Q and A’s regarding the Magellan Homeloans Conveyancing Panel from members of the public
Is the fact that my conveyancer is not identified on the Magellan Homeloans Solicitor panel that there is a problem with the standard of his work?
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.
My husband and I intend to remortgage our penthouse with Magellan Homeloans. We have a son approaching twenty who lives with us. The solicitor on the Magellan Homeloans conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Magellan Homeloans conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Magellan Homeloans .This is solely used to protect the Magellan Homeloans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Magellan Homeloans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the Magellan Homeloans conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Magellan Homeloans ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am attempting to get my former partner taken off the mortgage deeds. Can Magellan Homeloans really insist on 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 mortgage companies such as Magellan Homeloans do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
For 5 years I had a mortgage with Magellan Homeloans. My father retired last week 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 does the process 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.
After shopping around on the internet I have found a solicitor having made sure that they are on the Magellan Homeloans conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Magellan Homeloans conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Magellan Homeloans will need an independent valuation of the property. Your lawyer will not arrange this. Usually Magellan Homeloans will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Magellan Homeloans you could contact your them to see if they have a list of approved surveyors.