Q and A’s regarding the JPMorgan Solicitor Panel
from members of the public
Is there a reason why all UK lawyers are not on the JPMorgan Solicitor 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
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company JPMorgan will not agree to this. Why was JPMorgan even consulted?
Your lawyer being on the JPMorgan conveyancing panel is duty bound to inform JPMorgan of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to JPMorgan then they would have to discontinue acting for you and JPMorgan.
How up to date is your search tool for the JPMorgan conveyancing panel? Do JPMorgan send you an updated list?
The law firm practices themselves provide us confirmation that they are on the JPMorgan conveyancing panel as opposed to being supplied with a list from JPMorgan directly.
We're in London, First time buyers purchasing with a mortgage (lender is JPMorgan , but our lawyer is on the JPMorgan conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the JPMorgan conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the JPMorgan conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I have a mortgage with JPMorgan. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform JPMorgan?
JPMorgan must be informed of your intention before letting out your property as this is likely to be a breach of JPMorgan’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 JPMorgan directly. You need not do this via a JPMorgan conveyancing panel firm.
I was told two weeks ago that my mortgage has been agreed
to by JPMorgan. Is it usual for JPMorgan to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for JPMorgan to deal with your lawyers application to be on the JPMorgan conveyancing panel. There's no guarantee that your solicitors will be accepted.