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approved by Paratus AMC
Ready to buy a new home? Failing to check that a lawyer is on the Paratus AMC list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Paratus AMC Ltd Conveyancing Panel? How can my firm be reinstated onto the Paratus AMC Ltd Conveyancing Panel?Find an Approved Solicitor on the Paratus AMC Ltd Conveyancing Panel
Q and A’s regarding the Paratus AMC Conveyancing Panel
I am selling my flat and the estate agent has just telephoned to advise that the purchasers are appointing a new law firm. The reason given is that Paratus AMC will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific law firms?
Banks have always had an approved set 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 more than 25 years.
Banks point to the increase 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 being contacted daily by practices 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.
My conveyancer has uncovered an inconsistency when comparing the information in Paratus AMC’s valuation survey and what is in the legal papers for the property. My lawyer has advised that as he is on the Paratus AMC conveyancing panel he needs to ensure that the lender is happy with this discrepancy and is content go ahead. Is my conveyancer’s stance legitimate?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your database of lawyers on the Paratus AMC conveyancing panel? Do Paratus AMC send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Paratus AMC conveyancing panel as opposed to being supplied with a list from Paratus AMC directly.
I am considering applying for a Paratus AMC mortgage for purchase of a newly converted (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Paratus AMC?
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 greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have today made my last payment due on mortgage with Paratus AMC. I assume I don't need a solicitor on the Paratus AMC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Paratus AMC mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Paratus AMC mortgage from the register. Paratus AMC,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Paratus AMC has sent the Land Registry the discharge electronically, and
the Paratus AMC has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Paratus AMC mortgage has been paid off.
I am selling my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Paratus AMC are being pedantic. The solicitor who is on the Paratus AMC conveyancing panel is happy to accept ‘lack of building regulation’ insurance 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.
My ex -wife’s name is on the Paratus AMC mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Paratus AMC mortgage in order to sell?
As regards the Paratus AMC mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Paratus AMC in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
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Transfer of Equity for Paratus AMCPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors