Removal from the Magellan Homeloans and other lender panels: Why they do it and how to get reinstated
- Non-compliance with the Magellan Homeloans panel terms, 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.
- Persistent non-compliance with post completion requirements set by Magellan Homeloans
- Your firm no longer meets the criteria to remain on the Magellan Homeloans conveyancing panel
- Magellan Homeloans may terminate membership of its conveyancing panel where a firm fails to provide any relevant information or provide incorrect information in its application form or in relation to any future requests for information.
- Missing deadline to reapply to be on the Magellan Homeloans convincing panel
Frequently asked questions concerning Magellan Homeloans panel reinstatement
- Does the COLP in my firm need to sign the reinstatement application to the Magellan Homeloans panel ?
- Does my practice need to apply annually to remain on the Magellan Homeloans conveyancing panel?
- Can this firm act for Magellan Homeloans while the application for reinstatement on the Magellan Homeloans panel is being processed? How do I find out if our reinstatement appeal to the Magellan Homeloans panel is approved?
- Can we appeal if my firm’s application for reinstatement is refused?
- To what extent is my firm permanently excluded if my firm’s reinstatement panel application with Magellan Homeloans is rejected?
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.