Paragon Mortgages Conveyancing Panel Recently Asked Questions from members of the public
A lawyer my fiance and I had intended to instruct on a purchase said she will levy higher legal fees if my mortgage is with Paragon Mortgages because of their difficult processes! Will I regret using Paragon Mortgages? Any comments will be appreciated
Paragon Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Paragon Mortgages conveyancing panel. If they are not, this does add further risk of delay as Paragon Mortgages will appoint their own solicitors to look after their interest.
My partner and I changing mortgage lender for our penthouse with Paragon Mortgages. We have a son 18 who lives with us. The solicitor on the Paragon Mortgages conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Paragon Mortgages conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Paragon Mortgages conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Paragon Mortgages .This is solely used to protect the Paragon Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Paragon Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Your search tool is useful but there are many lawyers listed near Hackney on the Paragon Mortgages conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Paragon Mortgages ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I would like to get my ex-wife removed the mortgage deeds. Can Paragon Mortgages really tell me which solicitor I can or can not use?
You can use any solicitor you like but Paragon Mortgages then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Paragon Mortgages solicitors panel
How can we tell if a solicitor on the Paragon Mortgages panel is any good?
obtaining recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing
I'm in the process of viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Paragon Mortgages
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Paragon Mortgages , make sure you remember to check that your lawyer is on the Paragon Mortgages conveyancing panel.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Paragon Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Paragon Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Paragon Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
