Paragon Mortgages Conveyancing Panel Recently Asked Questions
from members of the public
I am selling my apartment and the estate agent has just called to say that the buyers are appointing a new solicitor. The reason given is that Paragon Mortgages will only deal with solicitors on their approved list. Why would a big named lender only engage with specific law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our son-in-law is in the process of securing a house that has just been built with a mortgage from Paragon Mortgages. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Paragon Mortgages conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Paragon Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am looking for online conveyancing estimates. Can I be assured that all the practices that are listed on your website are on the Paragon Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Paragon Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Paragon Mortgages panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Paragon Mortgages conveyancing panel is incorrect.
I am buying a right to buy flat and getting a mortgage with Paragon Mortgages. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Paragon Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Paragon Mortgages conveyancing panel in your location.
My husband and I are spending time viewing houses and now considering a potential offer. Is it premature to have a solicitor in place? I I am planning to take a home loan with Paragon Mortgages
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Paragon Mortgages , ask your prospective lawyers check they are on the Paragon Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
My existing mortgage is with Paragon Mortgages. My uncle has just retired and wants to pay off the mortgage left on the property. After Paragon Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Paragon Mortgages conveyancing panel? I do not intend to live at the property once the Paragon Mortgages mortgage is discharged.
will need a solicitor but they need not be on the Paragon Mortgages conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I have instructed a lawyer having checked that they are on the Paragon Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
Having read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Paragon Mortgages conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Paragon Mortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually Paragon Mortgages will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Paragon Mortgages you could contact your them to see if they have a list of approved surveyors.