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Ready to buy a new home? Failing to check that a lawyer is on the Paragon list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Paragon Mortgages Ltd Conveyancing Panel? How can my firm be reinstated onto the Paragon Mortgages Ltd Conveyancing Panel?Find an Approved Solicitor on the Paragon Mortgages Ltd Conveyancing Panel
Paragon Mortgages Solicitor Panel Recently Asked Questions
My financial adviser has asked me for my lawyer’ panel reference for the Paragon Mortgages conveyancing panel. Can you suggest how I obtain this. I have tried my local Paragon Mortgages branch but they cant find it on their system.
the sensible thing to do is ask for this information from your solicitor. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Paragon Mortgages.
Our conveyancer is asking me for personal identification documents asserting that this is part of his requirements as a solicitor on the Paragon Mortgages Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Paragon Mortgages your lawyer also has to check ID documents to satisfy Paragon Mortgages
Is it necessary during the course of the conveyancing process to attend the offices of the Paragon Mortgages conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Manchester
so that I can attend their offices if required.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
Can you clarify what the consequences are if my solicitor is suspended from the Paragon Mortgages Solicitor panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My existing mortgage is with Paragon Mortgages. My father has just retired and wants to pay off the mortgage left on the property. After Paragon Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly 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.
You
will need a solicitor but they need not be on the Paragon Mortgages conveyancing 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.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned 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. I simply dont know who is right
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.
After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Paragon Mortgages conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Paragon Mortgages panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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Transfer of Equity for Paragon MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors