JPMorgan Conveyancing Panel Information

The Scottish Law Society has suggested that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the JPMorgan conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

We only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with JPMorgan. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with JPMorgan

In the same way that there is a unique JPMorgan conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

Assuming that your practice in is on the JPMorgan conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If JPMorgan are to lend, they may require indemnity insurance. In any event,you will need to check JPMorgan’s specific requirements. Notwithstanding whether JPMorgan will lend in such circumstances you still need to advise the borrower (unless you are acting for JPMorgan alone) as to the risks of buying a property with an insolvent or absentee freeholder.

You should supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society viability as to what has gone on.

You should contact JPMorgan to obtain standard documents. The CML Handbook incorporates an individual inquiry for banks to reveal who to contact to obtain standard documents. JPMorgan in their Part 2’s state: Don’t forget to disclose your JPMorgan conveyancing panel number.