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Magellan Homeloans Conveyancing Lender Panel Compliance Tool

Looking for information about your firm's panel status?

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How can my firm apply to be on the Magellan Homeloans Conveyancing Panel?
Check your firm’s panel Status
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How can my firm be reinstated onto the Magellan Homeloans Conveyancing Panel?
Check your firm’s panel Status

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. It is supported by PI insurers. It is a unique risk management tool.

This system optimises the way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Magellan Homeloans’s changes. While utilising this technology is not a prerequisite for Magellan Homeloans , 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, just as importantly, protect your firm’s panel status.

The software generates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to a PII saving.

Find a Law Firm approved by Magellan Homeloans

Lenders 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, over time:

A Timeline of Policy Changes


Since 2008, Magellan Homeloans has made 219 revisions or additions to sections of their version of the UK Finance 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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FAQs : The Magellan Homeloans Solicitor Panel from members of the public

For what reasons could 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 solicitor practices had been removed from a lender panel. The top 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 partner and I intend to remortgage our penthouse with Magellan Homeloans. We have a son 19 who lives with us. The solicitor on the Magellan Homeloans conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the Magellan Homeloans conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right 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 Manchester on the Magellan Homeloans conveyancing panel. Can you 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..
What happens if my lawyer’s firm is expelled from the Magellan Homeloans Conveyancing panel in advance of completion?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it the case that all conveyancing solicitors on the Magellan Homeloans conveyancing panel work on a no move no charge basis?
In the main there are 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
I had instructed online conveyancers located in London who are on the Magellan Homeloans solicitor panel. They are now charging me a separate fee of £175 for the legal aspects of the Magellan Homeloans mortgage. Is this an additional conveyancing fee specified by Magellan Homeloans?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Magellan Homeloans but by your lawyers. Some firms on the Magellan Homeloans will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
We are getting a further advance on our mortgage from Magellan Homeloans as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Magellan Homeloans conveyancing panel to deal with the legals?
Magellan Homeloans do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Magellan Homeloans list

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