Paragon Residential Conveyancing Panel Information

Paragon Residential make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Paragon Residential are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 65 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searchflow.

Lexsure only know of two or three banks that operate a separate approved solicitors panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Paragon Residential. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Paragon Residential

The Council of Mortgage Lender requirements of Paragon Residential are silent on this. Most lenders address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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 membership.

There are many reports available, five of which are as follows:

• Number of conveyancing cases by lender
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Buy to Let transactions
• Evidence of undertaking logs
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

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 firm’s application but gives the Law Society a complete picture of what has occured.

You should contact Paragon Residential to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for lenders 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 conveyancing panel reference.