Magellan Homeloans Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Magellan Homeloans and to assist in remaining on the Magellan Homeloans Solicitor Panel.

Magellan Homeloans Solicitor Panel: Recently Asked Questions

Are Magellan Homeloans Conveyancing panel solicitors obliged to disclose incentives?
Magellan Homeloans’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements

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A long standing client of my firm is buying a detached house for £750k in London requiring a mortgage advance over GBP 450,000. I am on the Magellan Homeloans conveyancing panel but do Magellan Homeloans have a separate approved panel when the advance is above 350k?
Lexsure only know of two or three lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Magellan Homeloans. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Magellan Homeloans
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
The CLC has entered dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Magellan Homeloans since 2008 which is when lenders started being more restrictive.
In my capacity as COLP for my firm are there regulatory implications that I should be considering if my firm is withdrawn off the Magellan Homeloans solicitor panel?
What you should do largely depends on the reason that your firm has been removed off the Magellan Homeloans conveyancing panel. The top 3 reasons are as follows:
  1. lack of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction.
In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Magellan Homeloans conveyancing panel.
Our firm had their Magellan Homeloans panel membership terminated but we have not yet been given an explanation yet. I am completing a CQS renewal questionnaire what details do I need to disclose?
In this situation please explain on the form what steps you have taken to find out the reasons behind cancellation of your Magellan Homeloans panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
I am on the Magellan Homeloans conveyancing panel and due to complete a purchase within the next few weeks. I can not locate a Legal Charge for the client to execute. Who do I contact at Magellan Homeloans to request substitute deeds?
You would be advised to communicate with Magellan Homeloans to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific section for lenders to establish who to contact to obtain standard documents. Magellan Homeloans in their Part 2’s state:
Don’t forget to disclose the firm’s Magellan Homeloans solicitors panel number.

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Average number of days to register title including a charge in favour of Magellan Homeloans
This information relates to purchase only and not remortgages.
YearDays*
2024 [no data]
2023 [no data]
2022 [no data]
2021 [no data]
2020 [no data]
2019 [no data]
* Data aggregated from sources including COMPLETIONmonitor