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Paragon Mortgages Conveyancing Panel : Questions and Answers
My financial adviser has informed me that I have to pay Paragon Mortgages fees if I use my own solicitor. How efficient are the Paragon Mortgages conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Would you recommend a specific law firm on the Paragon Mortgages panel?
Paragon Mortgages’s conveyancing panel is pretty large so your best bet is just to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Paragon Mortgages will allow to act for them.
I am purchasing a new build apartment and my conveyancer is telling me that she has to reveal incentives from the builder as her firm is on the Paragon Mortgages conveyancing panel. The Estate Agents are hassling me to exchange contracts and I dont want to delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Paragon Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Paragon Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been Googling for competitive conveyancing fees. Can I be assured that all the practices that are listed on your site are on the Paragon Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the Paragon Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Paragon Mortgages panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Paragon Mortgages conveyancing panel is not accurate.
The solicitors that I appointed last week on my purchase in London has without warning shut down. I only went with them because I had to have a firm on the Paragon Mortgages conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should 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 solicitors may be able to help
I had instructed online solicitors located in Manchester who are on the Paragon Mortgages solicitor panel. They have just invoiced me a separate fee of £195 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 and others do not.
We were going to get a DIP from Paragon Mortgages this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Paragon Mortgages recommend a solicitor on the Paragon Mortgages conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Paragon Mortgages conveyancing panel. The solicitor represents both you and the Paragon Mortgages through the process.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Paragon Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
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