FAQs : The Paragon Mortgages Solicitor Panel from members of the public
My fiance and I are buying a 3 bedroom apartment in Newcastle with a mortgage from Paragon Mortgages. We would like to retain our lawyer but Paragon Mortgages says she’s not on their "panel". It seems we have little choice but to instruct one of the Paragon Mortgages panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Paragon Mortgages use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Paragon Mortgages conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Paragon Mortgages
Our conveyancer has discovered a legal deficiency with the lease for the property we are purchasing. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Paragon Mortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Paragon Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Paragon Mortgages are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Paragon Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Is it necessary during the course of the conveyancing process to visit the offices of the Paragon Mortgages conveyancing panel solicitor to sign 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 ten 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
.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Paragon Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Paragon Mortgages will insist on your using a conveyancer on the Paragon Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Paragon Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Paragon Mortgages mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as Paragon Mortgages do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I previously instructed online conveyancers based in London who are on the Paragon Mortgages solicitor panel. They have just invoiced me a separate fee of £135 for dealing with the Paragon Mortgages mortgage. Is this an additional conveyancing fee specified by Paragon Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Paragon Mortgages but by your lawyers. Some firms on the Paragon Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Paragon Mortgages. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Paragon Mortgages involved you will need to appoint a solicitor on the Paragon Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Paragon Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Paragon Mortgages conveyancing panel.
