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FAQs : The JPMorgan Conveyancing Panel
My husband and I are hoping to buy a 3 bedroom flat in Newcastle with a mortgage from JPMorgan. We like our lawyer but JPMorgan says he's not on their "panel". It seems we have little choice but to instruct one of the JPMorgan panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the JPMorgan conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for JPMorgan
My husband and I changing mortgage lender for our penthouse with JPMorgan. We have a son 19 who lives with us. The solicitor on the JPMorgan conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the JPMorgan conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your JPMorgan conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to JPMorgan .This is solely used to protect the JPMorgan if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of JPMorgan had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to pop into the offices of the JPMorgan conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can attend their offices if required.
Most conveyancing panel lawyers for JPMorgan undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am attempting to get my former partner removed the mortgage deeds. Can JPMorgan really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but JPMorgan then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the JPMorgan solicitors panel
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the JPMorgan conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I have paid off my mortgage with JPMorgan. I assume I don't need a solicitor on the JPMorgan panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your JPMorgan mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the JPMorgan mortgage from the register. JPMorgan,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the JPMorgan has sent the Land Registry the discharge electronically, and
the JPMorgan has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your JPMorgan mortgage has been paid off.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with JPMorgan?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the JPMorgan conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with JPMorgan and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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