Paragon Mortgages Ltd Conveyancing Panel Compliance Audit

Can your firm afford to be removed from the Paragon Mortgages Ltd panel? Put your mind at rest by checking that you are complying with the Handbook for Paragon Mortgages Ltd.

Paragon Mortgages Ltd is amongst other lenders, one of the firm’s most valued clients for conveyancing work.

Can you be sure that you are complying with the requirements as a practice on the Paragon Mortgages Ltd conveyancing panel?

As far as we are aware Lexsure is uniquely positioned to conduct a comprehensive lender panel compliance audit for your conveyancing files where Paragon Mortgages Ltd are the the mortgagor.

Our comprehensive bank of Paragon Mortgages Ltd Handbook instructions gives us the ability to review a law firms’ conveyancing files whilst on the Paragon Mortgages Ltd conveyancing panel retrospectively and in much the same way as Paragon Mortgages Ltd would.

Lexsure’s panel of expert auditors impartially review making use of propriety templates and Lender P2 archives whether each conveyancing matter breached the requirements at the time the CoT was rendered.

For conveyancing firms where their search provider is not offering the service, our fee for a Paragon Mortgages Ltd compliance panel audit is £1,975+VAT. Our team tend to audit 6 case files involving Paragon Mortgages Ltd, which we can stratify by tenure (e.g. leasehold) date or a multitude characteristics.

Once the audit is completed, we will prepare a full written findings for your cases with Paragon Mortgages Ltd and a baseline risk score. We can also follow-up with you to explain our auditor’s findings and recommendations in a formal interview. Audit follow-up will occur. Our office will contact the managing partner to request the status of actions taken. A maximum of one lender conveyancing panel audits may be requested by a firm per annum.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to select the date, time and location of a Paragon Mortgages Ltd conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or rearrange a Paragon Mortgages Ltd panel compliance audit. Please note that before accepting a Paragon Mortgages Ltd conveyancing panel compliance review we have to conduct a conflict check. It is sometimes not possible for Lexsure to carry out a Paragon Mortgages Ltd panel Handbook risk audit

Frequently asked questions concerning Paragon Mortgages Ltd conveyancing file audits

What is the selection criteria for joining the Paragon Mortgages Ltd conveyancing panel?

Please enquire of Paragon Mortgages Ltd directly or their panel manager, if any. There is no connection between Lexsure and Paragon Mortgages Ltd in managing their conveyancing panel or selection criteria.

Why would my firm consider a Paragon Mortgages Ltd handbook compliance audit?

Lexsure occasionally meets Paragon Mortgages Ltd conveyancing panel firms who are confident that they have comprehensive compliance protocols. Yet Lexsure sees common breaches of the lender Handbook requirements. In fact, we have yet to complete a single audit that didn’t uncover serious breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Breaches of handbook requirements for Paragon Mortgages Ltd or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even regulatory action by the SRA. Lexsure’s lender compliance audits are an efficient way to ensure there aren’t costly skeletons in your conveyancing cupboard.

Lexsure were mentioned on the conveyancing section of my PI Insurance form this year. Do certain insurers reduce their premium where a firm has a positive lender compliance audit?

We suggest that you get in touch with your insurer or insurance broker.

I am told that if I commission an audit via certain search providers that I can have the lender compliance conveyancing audit for free. Is that true?

At the time of preparing this answer we we have not heard of any such offer but please contact your search provider directly and ask them to call us. Once in a while discount voucher codes are available via certain search providers on a specific panel.

I spoke with a neighbouring practice who had commissioned an audit for their Paragon Mortgages Ltd conveyancing files but I was told by Lexsure that you are conflicted and have to refuse to audit my firm. Why would this be the case?

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