Common questions asked concerning the Paragon Mortgages Conveyancing Panel from members of the public
I am selling my maisonette and the EA has just called to advise that the purchasers are changing their conveyancer. I am told that this is due to the fact that Paragon Mortgages will only engage with property lawyers on their approved list. Why would a major mortgage company only work with specific law firms?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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 hearing daily from firms 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Paragon Mortgages will not agree to this. Why was Paragon Mortgages even consulted?
Your lawyer being on the Paragon Mortgages conveyancing panel is duty bound to inform Paragon Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Paragon Mortgages then they would have to discontinue acting for you and Paragon Mortgages.
I have been Googling for competitive conveyancing fees. Can I be assured that all the firms that are listed on your website are on the Paragon Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form 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 lender or a member of the public that the data about a specific firm being on the Paragon Mortgages conveyancing panel is not accurate.
We're in Wales, First time buyers purchasing with a mortgage (lender is Paragon Mortgages , but our solicitor is on the Paragon Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Paragon Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
For 5 years I had a mortgage with Paragon Mortgages. My godfather has just retired and wants to pay off my mortgage. After Paragon Mortgages is paid, I want to transfer the property to my mother's name; How long does the process 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.
Although you do need to retain the services of a lawyer they dont
need to be on the Paragon Mortgages 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Paragon Mortgages conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Paragon Mortgages. All solicitors and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Paragon Mortgages on various occasions and was told they are content with the situation 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?
Your lawyer has to follow the CML Handbook Part 2 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.