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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.
Looking for information about your firm's panel status?Is my firm on the Paragon Mortgages Ltd Conveyancing Panel? 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?
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FAQs : The Paragon Mortgages Solicitor Panel
Can you please explain the reason why all property lawyers aren't included on the Paragon Mortgages Conveyancing panel?
Even though it may seem unfair for Paragon Mortgages to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Paragon Mortgages are limiting their panel of approved conveyancing lawyers to a manageable size. The Paragon Mortgages conveyancing panel is not the most restricted
We are approaching an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Paragon Mortgages. I am advised that, being on the Paragon Mortgages conveyancing panel and acting on their behalf he must inform Paragon Mortgages if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Paragon Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Paragon Mortgages if you agree, failing which, your lawyer must cease to continue acting.
How do I find a local solicitor on the Paragon Mortgages conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Paragon Mortgages solicitor panel.
Please explain the implications if my solicitor is expelled from the Paragon Mortgages Solicitor panel in advance of completion?
The first thing to point out is that, 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 fiance and I are spending time viewing apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a home loan with Paragon Mortgages
It would be sensible to have your start your search soon rather than later. 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 a mortgage with Paragon Mortgages. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Paragon Mortgages?
Your original mortgage agreement with Paragon Mortgages will provide that you need their approval before renting your property as this is likely to be a breach of Paragon Mortgages’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Paragon Mortgages directly. It should not be necessary to do this via a Paragon Mortgages conveyancing panel firm.
Planning on purchasing a flat with a mortgage with Paragon Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Paragon Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Paragon Mortgages conveyancing panel