Paragon Mortgages Conveyancing Panel : Questions and Answers from members of the public
How easy is it to change a solicitor as I need to find one who is on the Paragon Mortgages conveyancing panel. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Paragon Mortgages. What does the insurance need 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 instructions.
I note that you have a search directory identifying solicitors on the Paragon Mortgages conveyancing panel. Do firms pay you a commission if I instruct 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.
We're in Birmingham, First timers buying with a mortgage (lender is Paragon Mortgages , but our lawyer 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
Is there a list of Paragon Mortgages panel conveyancers on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Paragon Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with 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. The CML are developing guidance for Northern Ireland and Scotland.
I am about to exchange contracts on a purchase with a mortgage from Paragon Mortgages. The report from my solicitor mentions that Paragon Mortgages could withdraw their offer before completion. Is this right?
Lenders such as Paragon Mortgages can revoke their mortgage offer although this rarely happens. In the unlikely event that Paragon Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- If the borrower informs Paragon Mortgages of a change in security address
- If the borrower informs Paragon Mortgages of a change in the loan amount agreed
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;