Find an Approved Solicitor on the JPMorgan Chase Bank, N.A.
JPMorgan Solicitor Panel Example Support Desk Enquires
I am progressing with the sale of my apartment and the estate agent has just telephoned to advise that the buyers are switching property lawyer. I am told that this is due to the fact that JPMorgan will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with specific law firms?
Mortgage companies 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 Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise 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.
Our grandson is about to exchange on a new build apartment with a home loan from JPMorgan. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the JPMorgan conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the JPMorgan conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the JPMorgan solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
The solicitors that I recently instructed on my purchase in London has without warning shut down. I only went with them because I needed a lawyer on the JPMorgan conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the JPMorgan conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
When it comes to lenders such as JPMorgan do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My fiance and I are in the process of looking at flats and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a mortgage with JPMorgan
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with JPMorgan , ask your prospective lawyers check they are on the JPMorgan conveyancing panel otherwise they can't do the mortgage legal work.
For 5 years I had a mortgage with JPMorgan. My godfather has just retired and wants to pay off my mortgage. After JPMorgan is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the JPMorgan conveyancing panel? I do not intend to live at the property once the JPMorgan mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the JPMorgan panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.