FAQs for the Paratus AMC Solicitor Panel from members of the public
On what basis would a firm of solicitors be removed from the Paratus AMC solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Paratus AMC
can you help? My conveyancer is advising me that he has to order a Local Authority search as the firm are on the Paratus AMC conveyancing panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. Given that you are taking out a loan with Paratus AMC your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Paratus AMC’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Paratus AMC. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Paratus AMC conveyancing panel. My lawyer has said that they are on the Paratus AMC approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Paratus AMC conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Paratus AMC solicitor panel.
My grandmother passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Paratus AMC , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Paratus AMC will insist on your using a conveyancer on the Paratus AMC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Paratus AMC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Paratus AMC mortgage is registered as a charge at the Land Registry.
When it comes to lenders 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.
Is it the case that all solicitor firms on the Paratus AMC conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Paratus AMC conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I currently have a mortgage with with Paratus AMC. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Paratus AMC?
You must advise Paratus AMC before renting your property as this is likely to be a breach of Paratus AMC’s mortgage conditions. It may be that Paratus AMC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Paratus AMC directly. It should not be necessary to do this via a Paratus AMC conveyancing panel firm.
