Paratus Conveyancing Panel Information

In the same way that there is a unique Paratus conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Paratus immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Paratus’s mortgage offer are correct. If they are not, please let Paratus know as soon as possible as it will be necessary for Paratus to check with the valuer whether the valuation needs to be revised. Paratus conveyancing panel solicitors are not expected to assume the role of valuer. Paratus are simply trying to ensure that the valuer has valued the property based on correct information. (c) Paratus recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Paratus recommend that, if we send a copy of a valuation report that Paratus have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Paratus or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Paratus conveyancing panel

On the basis that your practice in is on the Paratus conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Paratus are to lend, they may require indemnity insurance. In any event,you will need to check Paratus’s specific requirements. Notwithstanding whether Paratus will lend in such circumstances you still need to advise the borrower (unless you are acting for Paratus alone) as to the risks of buying a property with an insolvent or absentee landlord.

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the CQS team viability as to what has happened.

You need to contact Paratus to obtain standard documents. The CML Handbook contains an express inquiry for lenders to cite who to contact to obtain standard documents. Paratus in their Part 2’s state: It is likely that you will need to disclose the firm’s Paratus solicitors panel number.