Paragon Residential Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Paragon Residential and to assist in remaining on the Paragon Residential Conveyancing Panel.

Paragon Residential Solicitor Panel: Recently Asked Questions

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Are Paragon Residential Conveyancing panel lawyers under an obligation to disclose incentives?
Paragon Residential’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
Are the CML planning on creating a online directory search tool with a view to to identify law firms on the Paragon Residential conveyancing panel?
We are not aware of any intention on the part of the CML to develop such a tool.
I have read a number of legal articles recently about firms being sued for non-compliance with CML PII obligations . I am on the Paragon Residential conveyancing panel can you tell me how Part 2 changes took place by Paragon Residential during 2013?
During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Paragon Residential. Some changes are more important than others but as a firm on the Paragon Residential conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

I rarely receive a copy of a valuation from a lender these days. Do my Paragon Residential conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Paragon Residential as the Mortgagee?
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. (a) 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. Second, 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. (c) 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
my firm’s membership of the Paragon Residential conveyancing panel was suspended but was reinstated on appeal, do I need to disclose these details on my CQS application?
You should 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 Law Society viability as to what has happened.
I am on the Paragon Residential conveyancing panel and all set to complete a purchase shortly. I dont have a Legal Charge for the client to sign. Who do I contact at Paragon Residential to get a duplicate Deed?
You should contact Paragon Residential to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to reveal who to contact to obtain standard documents. Paragon Residential in their Part 2’s state:
Please remember to quote the firm’s Paragon Residential solicitors panel reference.

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Average number of days to register title including a charge in favour of Paragon Residential
This information relates to purchase only and not remortgages.
YearDays*
2024 [no data]
2023 [no data]
2022 [no data]
2021 [no data]
2020 [no data]
2019 [no data]
* Data aggregated from sources including COMPLETIONmonitor