Paragon Residential Conveyancing Panel Information

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Paragon Residential conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

Lexsure has not been advised of any intention on the part of the CML to develop such a search facility.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Paragon Residential as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Paragon Residential we suggest that you call Paragon Residential to check the position.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Paragon Residential immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Paragon Residential’s mortgage offer are correct. If they are not, please let Paragon Residential know as soon as possible as it will be necessary for Paragon Residential to check with the valuer whether the valuation needs to be revised. Paragon Residential conveyancing panel solicitors are not expected to assume the role of valuer. Paragon Residential are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Paragon Residential recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Paragon Residential recommend that, if we send a copy of a valuation report that Paragon Residential have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Paragon Residential or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Paragon Residential 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 gone on.

You need to communicate with Paragon Residential to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit section for banks to establish who to contact to obtain standard documents. Paragon Residential in their Part 2’s state: Don’t forget to quote your Paragon Residential conveyancing panel reference.