FAQs : The JPMorgan Conveyancing Panel
from members of the public
I appointed a solicitor to conduct the legal paperwork on my remortgage three weeks ago having applied for a mortgage with JPMorgan. The solicitors reassured me that they are on JPMorgan conveyancing panel and advised me their panel reference. JPMorgan then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the conveyancing panel for JPMorgan?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the JPMorgan conveyancing panel You may wish to enlist the help of your broker to check with the JPMorgan as to how long they think it will take to get the firm to get back on the panel.
We are only a couple days away from an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender JPMorgan. Apparently, being on the JPMorgan conveyancing panel and acting on their behalf he must inform JPMorgan if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with JPMorgan to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to JPMorgan if you agree, failing which, your lawyer must cease to continue acting.
What tools are available to find a local solicitor on the JPMorgan conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the lawyer.
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.
My conveyancers in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with JPMorgan. Is it case that being on the JPMorgan conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the JPMorgan Conveyancing Panel Terms. It might be worth you contacting JPMorgan directly.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the JPMorgan conveyancing panel requirements are different to JPMorgan’s conveyancing panel requirements.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called JPMorgan on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the JPMorgan conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the JPMorgan panel she or he must comply with the CML Handbook requirements for JPMorgan. Unless your lawyer obtains specific confirmation in writing that JPMorgan will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask JPMorgan to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, JPMorgan are being pedantic. The solicitor who is on the JPMorgan conveyancing panel is recommending indemnity insurance as a solution but JPMorgan are requiring a building regulation certificate. Why do JPMorgan have a conveyancing panel of they don’t accept advice from them?
It is probably the case that JPMorgan have referred the matter to their valuer. The reason why JPMorgan 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.