Q and A’s regarding the Paragon Mortgages Solicitor Panel
from members of the public
My fiance and I are buying a 1 bedroom apartment in Hackney with a mortgage from Paragon Mortgages. We would like to retain our lawyer but Paragon Mortgages says he's not on their "panel". We have to appoint one of the Paragon Mortgages panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Paragon Mortgages
We are nearing an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Paragon Mortgages. I am advised that, being on the Paragon Mortgages conveyancing panel and acting on their behalf he must inform Paragon Mortgages if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Paragon Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Paragon Mortgages if you agree, failing which, your lawyer must cease to continue acting.
I see that you have a post code search directory listing solicitors on the Paragon Mortgages conveyancing panel. Do firms pay you a referral fee if I retain them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Paragon Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am buying a terraced house 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.
We are getting a further advance on our mortgage from Paragon Mortgages as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Paragon Mortgages conveyancing panel to deal with the legals?
Paragon Mortgages do not ordinarily appoint a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Paragon Mortgages panel
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Paragon Mortgages on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Paragon Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Paragon Mortgages panel she or he must comply with the CML Handbook requirements for Paragon Mortgages. Unless your lawyer obtains specific confirmation in writing that Paragon Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Paragon Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My ex -wife’s name is on the Paragon Mortgages mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Paragon Mortgages mortgage in order to sell?
In terms of the Paragon Mortgages mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Paragon Mortgages in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.