JPMorgan Conveyancing Panel Information

JPMorgan make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as JPMorgan are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search supplier lists over 65 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as Searches UK.

There are many reports available, five of which are as follows:

• Average time frame to register charges at the Land Registry
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Evidence of undertaking logs
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell JPMorgan immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in JPMorgan’s mortgage offer are correct. If they are not, please let JPMorgan know as soon as possible as it will be necessary for JPMorgan to check with the valuer whether the valuation needs to be revised. JPMorgan conveyancing panel solicitors are not expected to assume the role of valuer. JPMorgan are simply trying to ensure that the valuer has valued the property based on correct information. (III) JPMorgan recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. JPMorgan recommend that, if we send a copy of a valuation report that JPMorgan have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from JPMorgan or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the JPMorgan conveyancing panel

It would be advisable to 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 adversely impact your application but gives the Law Society a complete picture of what has gone on.

You need to communicate with JPMorgan to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific inquiry for lenders to reveal who to contact to obtain standard documents. JPMorgan in their Part 2’s state: Please remember to quote your JPMorgan conveyancing panel reference.