Paragon Mortgages Ltd Conveyancing Panel Information

We are not aware of any intention on the part of the CML to develop such a register.

The criteria to join the Paragon Mortgages Ltd conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

In operating open conveyancing panels, lenders such as Paragon Mortgages Ltd face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Paragon Mortgages Ltd and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

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 completing the answer.

We would recommend that you provide 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 happened.

You should contact Paragon Mortgages Ltd to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific inquiry for banks to reveal 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.