FAQs : The Paragon Mortgages Conveyancing Panel from members of the public
I appointed a solicitor to work on my house purchase three weeks ago having applied for a mortgage with Paragon Mortgages. The law firm reassured me that they are on Paragon Mortgages conveyancing panel and provided me their panel reference. Paragon Mortgages then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Paragon Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Paragon Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Paragon Mortgages as to the time frame to get your lawyer reinstated on the panel once again.
My lawyer has discovered a discrepancy between the surveyor’s assumptions in Paragon Mortgages’s home valuation report and what is in the title deeds. My solicitor says that as he is on the Paragon Mortgages conveyancing panel he is obliged to ensure that the lender is with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
A precondition to being on the Paragon Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Paragon Mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Paragon Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Bristol
so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol
.
Can you clarify what the consequences are if my solicitor is expelled from the Paragon Mortgages Solicitor panel in advance of completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a property where the roof has a solar panel. Paragon Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Paragon Mortgages your lawyer must to check the Paragon Mortgages conveyancing instructions contained in the Part of CML Handbook for Paragon Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Paragon Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
We have agreed a price on a house I spoke to a lawyer recommended by my uncle and he advised using a solicitor approved by Paragon Mortgages. The estate agent recommended two local firms so I asked Paragon Mortgages if the 2 suggested solicitors are approved, which they are not. Paragon Mortgages suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Paragon Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Paragon Mortgages to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Paragon Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Paragon Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Paragon Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My brother and I are remortgaging a terraced house in Hendon. Conveyancing solicitors in Hendon are preferred to beappointed. My friendadvised that we make sure that the conveyancing practitioner in Hendon is on the Paragon Mortgages panel. Is this really necessary?
It is not that case that all Hendon conveyancing solicitors are on the Paragon Mortgages conveyancing panel. 5 people a month use our search tool to search for a Hendon conveyancing firm on the on the Paragon Mortgages panel.