Magellan Homeloans Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This software is the only way you can prove to lender panels that you are, and can remain fully compliant with their instructions, with alerts on Magellan Homeloans’s changes. While utilising this technology is not a prerequisite for Magellan Homeloans , demonstrating you can stay up to date with Magellan Homeloans’s Handbook requirements is a helpful support to your panel application and, just as importantly, protect your firm’s panel status.

The system generates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by Magellan Homeloans

Banks and building societies frequently 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,

Book a Personalised Demo

Recent Changes Include

# Date Assoc. Changes Related To
5.13.1 20/07/2016 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
5.14.13 20/07/2016 CML
5.14.15a 20/07/2016 CML Absentee Landlord Indemnity Insurance
5.17.5b 20/07/2016 CML
6.13.1 20/07/2016 CML
6.6.3 20/07/2016 CML
6.14.1b 01/12/2014 CML
6.14.4 01/12/2014 CML
14.1.5 01/12/2014 CML
14.2.1 05/08/2014 CML

Last update 12/03/2019

FAQs for the Magellan Homeloans Solicitor Panel from members of the public

I am progressing with the sale of my apartment and the EA has just telephoned to advise that the buyers are changing their property lawyer. The reason given is that Magellan Homeloans will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.

Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.

can you help? My lawyer is assuring me that he is legally obliged to conduct a Local Authority search stemming from the fact that the firm are on the Magellan Homeloans approved lawyer panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. As you are taking a mortgage with Magellan Homeloans your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Magellan Homeloans’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Magellan Homeloans. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I am buying a house and need a conveyancing solicitor in who is on the Magellan Homeloans solicitor. Could you point me in the right direction as regards a 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.
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.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Magellan Homeloans conveyancing panel requirements are different to Magellan Homeloans’s conveyancing panel requirements.
Two weeks ago we had a mortgage agreed in principle with Magellan Homeloans. Solicitors have been instructed? How long does it take for Magellan Homeloans to send the offer to our conveyancer
There is no definitive answer here. Have Magellan Homeloans conducted the valuation? Have you advised Magellan Homeloans as your lawyers details and checked that your lawyer is on the Magellan Homeloans conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I was told two weeks ago that my mortgage has been agreed to by Magellan Homeloans. Is it usual for Magellan Homeloans to only issue the offer once my solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Magellan Homeloans to deal with your lawyers application to be on the Magellan Homeloans conveyancing panel. There's no guarantee that your solicitors will be accepted.