Paragon Mortgages Solicitor Panel Example Support Desk Enquires from members of the public
We are buying a 2 bedroom apartment in London with a mortgage from Paragon Mortgages. We would like to retain our solicitor 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; 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Paragon Mortgages
Expecting to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Paragon Mortgages. What risks do Paragon Mortgages expect the insurance to cover?
All property lawyers on the Paragon Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Paragon Mortgages’s Part 2 requirements of the CML Handbook (last updated on Paragon Mortgages). Being on the Paragon Mortgages conveyancing panel your lawyer is expect to follow these requirements.
Your search tool is useful but there are many lawyers listed near Chelsea on the Paragon Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Paragon Mortgages approved panel?
We are not in the business of recommending one firm above another 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I was expecting to move into my first house last Friday. My lawyer’s firm is on the Paragon Mortgages solicitors panel but has changed address 8 weeks ago and had not informed Paragon Mortgages of their new address. Paragon Mortgages has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Paragon Mortgages branch or your mortgage broker to see if they can assist.
Are all Conveyancing Quality Solicitors on the Paragon Mortgages conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Paragon Mortgages be concerned
Given that your lender is 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. Requirements for Scotland are due in the near future.
Why might a lender such as Paragon Mortgages withdraw a mortgage offer?
Banks and Building Societies such as Paragon Mortgages can revoke their mortgage offer although this rarely happens. If Paragon Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Paragon Mortgages may amend or withdraw an offer if the Paragon Mortgages conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Paragon Mortgages may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Paragon Mortgages conveyancing panel solicitors would be obliged to notify Paragon Mortgages of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion