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Magellan Homeloans Solicitor Panel: Recently Asked Questions
Do Magellan Homeloans or the CML run professional training seminars for the
Magellan Homeloans approved solicitor panel in much the same way that the Law Society run cases for CQS firms?
No such training is arranged by the CML although they do arrange numerous useful conveyancing related conferences which are attended by firms on the Magellan Homeloans conveyancing panel. It is our intention to run specific lender focused seminars in the coming months including a webinar on Magellan Homeloans’s Part 2 requirements. Law firms on the Magellan Homeloans conveyancing panel will be invited. Information about the webinar will be made available as part of the LENDERmonitor P2 change Notifications.
Magellan Homeloans have asked me to represent them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Magellan Homeloans conveyancing panel) How does this work and are there different requirements from Magellan Homeloans in this case?
The Council of Mortgage Lenders, along with
Magellan Homeloans and other members developed a standard set of requirements where a conveyancer is representing a lender such as Magellan Homeloans alone in a residential conveyancing transaction.
These legal instructions are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II.
The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.
Is it true that the Law Society has recommended that firms check their status on the
Magellan Homeloans conveyancing panel?
The Law Society of Scotland has suggested that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Magellan Homeloans conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
The Council of Licensed Conveyancers 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 as well as the BSA.
In conducting leasehold title investigations do
Magellan Homeloans panel solicitors need to examine whether there is an absentee landlord?
Assuming that your firm in is on the
Magellan Homeloans conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Magellan Homeloans are to lend, they may require indemnity insurance. In any event,you will need to check
Magellan Homeloans’s specific requirements. Notwithstanding whether
Magellan Homeloans will lend in such circumstances you still need to advise the borrower (unless you are acting for
Magellan Homeloans alone) as to the risks of buying a property with an insolvent or absentee freeholder.
Our firm had their Magellan Homeloans panel membership revoked but we have not yet been given an explanation yet.
I am completing a CQS application form what information must I disclose?
In the circumstances please clarify on the application what steps you have taken to discover 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 revocation 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 scheduled to complete a purchase within the next week. I dont have a Legal Charge for the client to execute.
Who do I contact at Magellan Homeloans to request substitute deeds?
You would be advised to get in touch with Magellan Homeloans
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to enumerate who to contact to obtain standard documents.
Magellan Homeloans in their Part 2’s state:
It helps to disclose your Magellan Homeloans solicitors panel number.
Find a Lawyer on the Magellan Homeloans Solicitor Panel
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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.
Year | Days* |
---|---|
2025 | [no data] |
2024 | [no data] |
2023 | [no data] |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
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- Draft Report on Title precedent for Magellan Homeloans borrowers
- Draft Anti Money Laundering PolicyTemplate for Magellan Homeloans panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Magellan Homeloans lender panel
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