Magellan Homeloans Conveyancing Panel Information

You might expect Magellan Homeloans via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of Magellan Homeloans’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms have a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Magellan Homeloans informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You will be aware of the trend in recent years for lenders such as Magellan Homeloans to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Magellan Homeloans panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Magellan Homeloans have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Magellan Homeloans’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Magellan Homeloans. You will no doubt be required to undertake directly to Magellan Homeloans’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Magellan Homeloans conveyancing panel.

With banks and solicitors working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Magellan Homeloans conveyancing panel but for all mortgage panel listings

10 people search for a solicitor on the Magellan Homeloans panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be found by those searching for conveyancing in Hendon.

In this situation please clarify on the form what action 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You would be advised to contact Magellan Homeloans to obtain standard documents. The CML Handbook contains an explicit question for lenders to enumerate who to contact to obtain standard documents. Magellan Homeloans in their Part 2’s state: You will need to quote the firm’s Magellan Homeloans conveyancing panel reference.