Find a Law Firm
approved by Paragon
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.
Looking for information about your firm's panel status?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
Frequently asked questions relating to the Paragon Mortgages Conveyancing Panel
I would like to know the reason why all solicitors are not on the Paragon Mortgages Conveyancing panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
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.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Paragon Mortgages conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
The firm that just started acting on my house acquisition in Brighton has suddenly closed. They were on acting for me because I needed a lawyer on the Paragon Mortgages conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Paragon Mortgages conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
My husband and I are spending time looking at apartments and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Paragon Mortgages
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Paragon Mortgages , ask your prospective lawyers check they are on the Paragon Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Paragon Mortgages. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Paragon Mortgages you will need to appoint a solicitor on the Paragon Mortgages conveyancing panel.
It is not clear whether 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 numerous occasions and told it wasn't a problem 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.
Other TopicsTransfer of Equity for Paragon Mortgages
Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors