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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.

Find an Approved Solicitor on the Paragon Mortgages Ltd Conveyancing Panel

Paragon Mortgages Conveyancing Panel Example Support Desk Enquires

I am progressing with the sale of my flat and the EA has just texted me to advise that the purchasers are switching law firm. The reason given is that Paragon Mortgages will only work with solicitors on their approved list. Why would a major lender only engage with certain 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.

Banks point to the increase in fraud as the reason 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 hearing daily from firms 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.

I do hope you can help me. My conveyancer is informing me me that he has to apply for a Local Authority search stemming from the fact that the firm are on the Paragon Mortgages conveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Paragon Mortgages your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Paragon Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Paragon Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Paragon Mortgages conveyancing panel?
The firms themselves provide us confirmation that they are on the Paragon Mortgages conveyancing panel as opposed to being supplied with a list from Paragon Mortgages directly.
My uncle passed away last year and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Paragon Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Paragon Mortgages will insist on your using a conveyancer on the Paragon Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Paragon Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Paragon Mortgages mortgage is registered as a charge at the Land Registry.
I had instructed online solicitors based in London who are on the Paragon Mortgages solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Paragon Mortgages mortgage. Is this an additional conveyancing fee specified by Paragon Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Paragon Mortgages but by your lawyers. Some firms on the Paragon Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
How can we tell if a solicitor on the Paragon Mortgages panel is any good?
seeking recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your transaction
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?
Banks and Building Societies such as Paragon Mortgages can withdraw their mortgage offer although this is unusual. should Paragon Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a few 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
  • Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
  • Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
  • Where the Lender’s right to possession is fettered in some way