Find an Approved Solicitor on the Paragon Mortgages Ltd
Q and A’s regarding the Paragon Mortgages Solicitor Panel
I was advised recently by my mortgage adviser that my the law firm I have appointed is not on the Paragon Mortgages Conveyancing panel. How can I be certain that this is indeed the case?
You need to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for Paragon Mortgages.
My god-son is buying a house that has just been built with a mortgage from Paragon Mortgages. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. 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 valuer 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.
Whilst your website is a good idea there are many lawyers listed near Coventry 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 do not recommend specific firms 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My house is up for sale and I have a buyer. Does my solicitor have to be on the Paragon Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Paragon Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Are all Conveyancing Quality Solicitors on the Paragon Mortgages conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
is it true that all conveyancing solicitors on the Paragon Mortgages conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Paragon Mortgages conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Is it common for Paragon Mortgages to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Paragon Mortgages can revoke their mortgage offer although this rarely happens. should Paragon Mortgages withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
Where information comes to Paragon Mortgages ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
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.
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 the lender is on notice of a restriction or a right of pre-emption which is not at market value