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Paragon Residential Conveyancing Panel: Recently Asked Questions
Do Paragon Residential or the CML run professional training Courses for the
Paragon Residential approved solicitor panel in much the same way that the Law Society run cases for CQS firms?
The Council of Mortgage Lenders (or the BSA) do not involve themselves in training but they do organise a number of useful conveyancing related conferences which are attended by firms on the Paragon Residential conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Paragon Residential’s Part 2 obligations. Practitioners on the Paragon Residential conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor Alerts.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Paragon Residential and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Paragon Residential
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 Residential 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.
My practice have never been on the
Paragon Residential conveyancing panel as well other lenders.
My clients, who are getting a mortgage with Paragon Residential wish use my firms conveyancing services regardless of the fact that we are not on the
Paragon Residential panel. Is it fine for me to use a firm down the road to act for
Paragon Residential on mortgage aspect of the conveyancing?
Please tread carefully here as what you are suggesting may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm.
You also need to make the costs implications and potential for delay very clear to your client.
I have been a sole practitioner for over 20 years with a clean claims history and have been refused acceptance on the
Paragon Residential conveyancing panel with no explanation. Am I not entitled to to know why?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the
Paragon Residential conveyancing panel to see if you are entitled to a reason.
My post-completion clerk has left my firm unexpectedly.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Paragon Residential once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Paragon Residential?
Paragon Residential will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Paragon Residential conveyancing panel.
Our membership of the
Paragon Residential conveyancing panel was terminated but was reinstated on appeal, do I need to disclose these details on my application for CQS accreditation?
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 negatively affect your application but gives the Law Society a complete picture of what has occured.
Our practice is on the
Paragon Residential
conveyancing panel and scheduled to complete a remortgage within the next week. My papers do not include a Legal Charge for the client to execute.
Who do I contact at Paragon Residential to get a duplicate Deed?
You need to get in touch with Paragon Residential
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for lenders to cite who to contact to obtain standard documents.
Paragon Residential in their Part 2’s state:
Always remember to disclose the firm’s Paragon Residential solicitors panel number.
Find a Lawyer on the Paragon Residential Conveyancing Panel
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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.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Paragon Residential Firms
- Draft Report on Title precedent for Paragon Residential borrowers
- Draft Anti Money Laundering PolicyTemplate for Paragon Residential panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Paragon Residential lender panel
- Buy-to-Let help for Paragon Residential
- Consent-to-Let help for Paragon Residential
- Contractor Mortgages with Paragon Residential
