Paragon Mortgages Ltd Conveyancing Panel Information

Criteria differ from lender to lender. We do not hold specific requirements relating to the questions raised as part of the application to be on the Paragon Mortgages Ltd conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of fee-earners who are foreign qualified

Full disciplinary history for each conveyancing solicitor

purchase and remortgage)

Number of partners per branch of the firm

List of all those staff who work within the conveyancing team

Whether any lender has ever made a claim against the firm’s PII cover

Number of lender conveyancing panels the firm is currently on

Areas of Law covered by the firm

top-up split and history of any refusals

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Paragon Mortgages Ltd conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

You will be aware of the trend in recent years for lenders such as Paragon Mortgages Ltd to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Paragon Mortgages Ltd panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Paragon Mortgages Ltd have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Paragon Mortgages Ltd’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Paragon Mortgages Ltd. You will no doubt be required to undertake directly to Paragon Mortgages Ltd’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Paragon Mortgages Ltd conveyancing panel.

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your application but gives the CQS team a complete picture of what has occured.

You should get in touch with Paragon Mortgages Ltd to obtain standard documents. The CML Handbook contains an express section for banks to enumerate who to contact to obtain standard documents. Paragon Mortgages Ltd in their Part 2’s state: Always remember to disclose your Paragon Mortgages Ltd conveyancing panel number.