Removal from the Magellan Homeloans and other lender panels: Why they do it and how to get reinstated
- Breaches of Magellan Homeloans conveyancing panel requirements
- Non-compliance with the Magellan Homeloans panel requirements, the written instructions that Magellan Homeloans provide and the UK Finance Lenders’ Handbook or any alternative set of standard instructions to which Magellan Homeloans may subsequently subscribe.
- Missing deadline to reapply to be on the Magellan Homeloans convincing panel
- Significant delays in registering security on behalf of Magellan Homeloans Delays or failure to register the Magellan Homeloans charge may result in referral to external lawyers of Magellan Homeloans to complete outstanding requirements.
- Magellan Homeloans may terminate membership of its conveyancing panel where a firm provides false answers in its application form or in relation to any future requests for information.
Top questions concerning Magellan Homeloans panel reinstatement
- How often will this firm be required to re-apply to be reinstated on the Magellan Homeloans conveyancing panel?
- Can this firm act for Magellan Homeloans while the appeal for reinstatement on the Magellan Homeloans panel is being processed? How do I know if our reinstatement application to the Magellan Homeloans panel is accepted?
- Am I restricted as to the number of occasions my firm can apply to be reinstated on the Magellan Homeloans conveyancing panel?
- What are the consequences if our Magellan Homeloans panel reinstatement application is declined and the client of the firm has a mortgage application with the Magellan Homeloans?
- Please can you set out the application process to be reinstated onto the Magellan Homeloans conveyancing panel?
Top Tip: The best way to avoid the hassle of seeking Magellan Homeloans panel reinstatement is to ensure that your firm is not removed off of the Magellan Homeloans conveyancing panel in the first place.
Note: Subject to certain conditions Lexsure’s experts or consultants can assist in providing you with guidance for reinstatement onto the Magellan Homeloans conveyancing panel but under no circumstances will Lexsure (or the Conveycentric Team) submit an application to Magellan Homeloans directly or via their appointed panel manager. Any reinstatement application will have to be made by your firm. For the avoidance of doubt, Lexsure (or the Conveycentric Team) are in no way involved in managing the Magellan Homeloans conveyancing panel.