Frequently asked questions relating to the Paratus AMC Solicitor Panel from members of the public
I am progressing with the sale of my apartment and the EA has just texted me to advise that the buyers are changing their conveyancer. The excuse is that Paratus AMC will only work with property lawyers on their approved list. Why would a major mortgage company only engage with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am purchasing a newly built duplex and my lawyer is advising me that she is duty bound to disclose incentives from the builder as her practice is on the Paratus AMC conveyancing panel. I am under pressure to sign contracts and my preference is not to delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the Paratus AMC panel?
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 am planning to acquire a flat and need a conveyancing solicitor in Leeds who is on the Paratus AMC conveyancing. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Paratus AMC . We don’t recommend any particular firm.
The firm that I appointed last week on my house acquisition in Brighton has suddenly closed. They were on acting for me because I had to have a solicitor on the Paratus AMC conveyancing panel and my family lawyer was not. I paid them £200 on account. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Paratus AMC conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
Do conveyancing solicitors on the Paratus AMC conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
We have a mortgage agreed in principle with Paratus AMC. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Paratus AMC?
There is no definitive answer here. Have Paratus AMC done the valuation? Have you advised Paratus AMC as your lawyers details and checked that your lawyer is on the Paratus AMC conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Next month my fiance and I are buying a flat in Hendon. Conveyancing solicitors in Hendon will soon beretained. My brokersuggested that we make sure that the solicitor in Hendon is on the Paratus AMC approved list of lawyers. Aren't all lawyers on the Paratus AMC panel?
Far from all Hendon conveyancing solicitors are on the Paratus AMC conveyancing panel. 5 people a month use our search tool to find a Hendon conveyancing firm on the on the Paratus AMC list of approved conveyancing firms.