Q and A’s regarding the JPMorgan Conveyancing Panel
from members of the public
On what basis could a law firm be excluded from the JPMorgan approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by JPMorgan
Our solicitor has identified a defect with the lease for the flat we are buying. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the JPMorgan conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or JPMorgan?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and JPMorgan are the client. A precondition to being on the JPMorgan approved panel is to comply with the CML Handbook requirements (last updated for this lender on JPMorgan). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that JPMorgan can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
I have been looking for online conveyancing estimates. Can I be assured that all the firms that are identified on your site are on the JPMorgan conveyancing panel?
The law firms listed on our site have advised us that they are on the JPMorgan panel and agreed to advise us to take down their listing in the event of removal off of the JPMorgan panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the JPMorgan conveyancing panel is not accurate.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to JPMorgan , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then JPMorgan will insist on your using a conveyancer on the JPMorgan conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your JPMorgan conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the JPMorgan mortgage is registered as a charge at the Land Registry.
Can I be sure that the solicitor on the JPMorgan panel is any good?
Getting recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your transaction
I can not work out if my mortgage offer requires a lease extension . I have called JPMorgan on various occasions and told it wasn't a problem 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
Your lawyer has to follow the CML Handbook Part 2 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.
My husband and I are buying a garden flat in Hendon. Conveyancing solicitors in Hendon need to beinstructed. My friendadvised that we double-check that the solicitor in Hendon is on the JPMorgan list of approved conveyancing firms. Aren't all lawyers on the JPMorgan panel?
Not all Hendon conveyancing practices are on the JPMorgan conveyancing panel. Click here to locate a
Hendon conveyancing solicitor on the on the JPMorgan approved list of lawyers.