Common questions asked concerning the Paratus AMC Conveyancing Panel from members of the public
Is there a reason why all solicitors aren't included on the Paratus AMC Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My partner and I changing mortgage lender for our maisonette with Paratus AMC. We have a son approaching twenty who lives with us. The solicitor on the Paratus AMC conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Paratus AMC conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Paratus AMC .This is solely used to protect the Paratus AMC if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Paratus AMC had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I require the services of a Paratus AMC panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent 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 purchasing a new build flat and getting a mortgage with Paratus AMC. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Paratus AMC conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Paratus AMC conveyancing panel in your location.
My existing mortgage is with Paratus AMC. My uncle retired last week and wants to pay off the mortgage left on the property. After Paratus AMC is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Paratus AMC conveyancing panel? I do not intend to live at the property once the Paratus AMC mortgage is discharged.
You
will need a solicitor but they need not be on the Paratus AMC conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I am selling my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Paratus AMC are being problematic. The solicitor who is on the Paratus AMC conveyancing panel is recommending indemnity insurance as a solution but Paratus AMC are insisting on a building regulation certificate. Why do Paratus AMC have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Paratus AMC have referred the matter to their valuer. The reason why Paratus AMC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
I had an offer accepted on a house on the 5th February 2014, valuation was booked 3 days after, all came back fine. Property lawyer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Paratus AMC and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Paratus AMC conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Paratus AMC to deal with your lawyers application to be on the Paratus AMC conveyancing panel. There's no guarantee that your solicitors will be accepted.
