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Paragon Residential Conveyancing Panel: Recently Asked Questions
Being on the Paragon Residential conveyancing panel how long am I obliged to keep hold of the complete conveyancing file?
The Council of Mortgage Lender requirements of
Paragon Residential are silent on this. Most mortgage companies address the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Paragon Residential’s interest. To be
absolutely sure of Paragon Residential requirements in this regard
please check the Terms and Conditions of Paragon Residential’s
conveyancing panel acceptance.
What sort of information are Lenders such as
Paragon Residential are asking for when it comes to applying to be on their approved conveyancing panel?
Although not necessarily published, lenders have varying criteria .
We do not hold specific requirements relating to the questions raised as part of the application to be on the
Paragon Residential conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
List of all Licensed Conveyancers within firm
List of all those who fund the firm, including non-lawyers if applicable
Details of any accreditation e.g. Lexcel or
Whether the firm has ever accepted instructions in respect of property clubs and investment schemes
List of fee-earners who are foreign qualified
List of all those staff who work within the conveyancing team
Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.
List of all those who can sign off the Certificate Of Title
Number of lender conveyancing panels the firm is currently on
Structure of firm and, where applicable, its group
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
The CLC has initiated discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as
Paragon Residential as well as the BSA.
My firm is not on the
Paragon Residential conveyancing panel as well other banks.
My clients, who have applied for a mortgage with Paragon Residential still want me to act for them 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 intending may not be acceptable to the lender.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
In conducting leasehold due diligence do
Paragon Residential conveyancing panel lawyers have to examine whether there is a missing freeholder?
On the basis that your practice in is on the
Paragon Residential conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Paragon Residential are to lend, they may require indemnity insurance. In any event,you will need to check
Paragon Residential’s specific requirements. Notwithstanding whether
Paragon Residential will lend in such circumstances you still need to advise the borrower (unless you are acting for
Paragon Residential alone) as to the risks of buying a property with an insolvent or absentee landlord.
Our membership of the
Paragon Residential conveyancing panel was terminated but was reinstated on appeal, do I need to disclose this information 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 adversely impact your application but gives the Law Society a complete picture of what has gone on.
Our practice is on the
Paragon Residential
conveyancing panel and due to complete a purchase shortly. My papers do not include a Mortgage Deed for the client to execute.
Who do I contact at Paragon Residential to get a duplicate Deed?
You should get in touch with Paragon Residential
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific question for banks to establish who to contact to obtain standard documents.
Paragon Residential in their Part 2’s state:
You will need to quote the firm’s Paragon Residential solicitors panel reference.
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
