FAQs : The Paratus AMC Conveyancing Panel from members of the public
Am I correct in assuming that the fact that my solicitor is not isted on the Paratus AMC Conveyancing panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Paratus AMC.
I am purchasing a newly built apartment and my solicitor is telling me that she is duty bound to disclose incentives from the seller as her firm is on the Paratus AMC conveyancing panel. The Estate Agents are hassling me to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Paratus AMC approved panel is to comply with the CML Handbook requirements (last updated for this lender on Paratus AMC). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I require the services of a Paratus AMC panel solicitor in Inverness. Could you help me?
It is not clear why you need a Paratus AMC panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Paratus AMC to find out which solicitors in Paratus AMC are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I am refinancing my house does my lawyer have to be on the Paratus AMC Conveyancing panel?
There is nothing to stop you using your solicitor but Paratus AMC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as Paratus AMC do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Why might a lender such as Paratus AMC withdraw a mortgage offer?
Banks and Building Societies such as Paratus AMC can withdraw their mortgage offer although this rarely happens. In the unlikely event that Paratus AMC withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Paratus AMC may amend or withdraw an offer if the Paratus AMC conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Paratus AMC may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Paratus AMC has been notified
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
Planning on purchasing a flat with a mortgage with Paratus AMC. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Paratus AMC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Paratus AMC conveyancing panel