JPMorgan Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. COMPLETIONmonitor is a unique risk management tool.

This system is the only way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on JPMorgan’s changes. While using this technology is not a condition for being on the JPMorgan panel, demonstrating you can stay up to date with JPMorgan’s Handbook requirements is an excellent support to your panel application and, more importantly, protect your firm’s panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by JPMorgan

Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from JPMorgan are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, JPMorgan has made 36 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 75.8 days. In total, 18% of the sections of P2 of the UK Finance Lenders’ Handbook for JPMorgan have been changed since 15/12/2008.

To find out more about lender panel compliance,

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FAQs : The JPMorgan Conveyancing Panel from members of the public

I am in the process of selling my maisonette and the estate agent has just telephoned to advise that the buyers are changing their law firm. The reason given is that JPMorgan will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with certain lawyers?
Lenders 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

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 hearing daily from firms 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.

Expecting to move into my new home next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for JPMorgan. What risks do JPMorgan expect the insurance to cover?
All property lawyers on the JPMorgan conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in JPMorgan’s Part 2 requirements of the CML Handbook (last updated on JPMorgan). Being on the JPMorgan conveyancing panel your lawyer is expect to follow these requirements.
How do I find a local solicitor on the JPMorgan conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the JPMorgan solicitor panel.
I am considering applying for a JPMorgan mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for JPMorgan?
There is nothing to stop you using your solicitor but JPMorgan will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Last month we had a mortgage agreed in principle with JPMorgan. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from JPMorgan?
There is no definitive answer here. Have JPMorgan done the survey? Have you advised JPMorgan as your lawyers details and checked that your lawyer is on the JPMorgan conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
What are the common reasons for a lender such as JPMorgan to withdraw a mortgage offer?
Banks and Building Societies such as JPMorgan can revoke their mortgage offer although this rarely happens. should JPMorgan withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
  • Many mortgage offers have an expiry date. Your lawyer should check this. JPMorgan may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
  • Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
  • Where to proceed with the Mortgage offer would be unlawful
  • Where the lender has to take account a recent change in taxation
  • Where the sale is not at arms length for value to unconnected persons
We have had an offer accepted on a flat I spoke to a lawyer recommended by my brother and he suggested using a property lawyers approved by JPMorgan. The estate agent recommended two local firms so I asked JPMorgan if the 2 suggested solicitors are approved, which they are not. JPMorgan pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of JPMorgan 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask JPMorgan to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the JPMorgan conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto JPMorgan conveyancing panel as it may only take about 2-3 weeks. As long as they meet JPMorgan’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.