Paragon Mortgages Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am in the process of selling my flat and the EA has just e-mailed to advise that the purchasers are swapping conveyancer. I am told that this is due to the fact that Paragon Mortgages will only work with property lawyers on their approved list. On what basis would a major lender only engage with specific solicitors?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, 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 nephew is buying a newly built flat with a mortgage from Paragon Mortgages. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. 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 purchasing a property and need a conveyancing solicitor in Leeds who is on the Paragon Mortgages approved. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Paragon Mortgages . We don’t recommend any particular firm.
My solicitors in Birmingham have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Paragon Mortgages. Is it case that being on the Paragon Mortgages conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Paragon Mortgages Conveyancing Panel Terms. It might be worth you contacting Paragon Mortgages directly.
When it comes to mortgage companies such as Paragon Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Paragon Mortgages. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Paragon Mortgages involved you will need to appoint a solicitor on the Paragon Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Paragon Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Paragon Mortgages conveyancing panel.
I can not work out if my mortgage offer requires a lease extension . I have called Paragon Mortgages on numerous 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. I simply dont know who is right
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.