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Ready to buy a new home? Failing to check that a lawyer is on the GE Money list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the GE Money Home Lending Ltd Conveyancing Panel? How can my firm be reinstated onto the GE Money Home Lending Ltd Conveyancing Panel?Find an Approved Solicitor on the GE Money Home Lending Ltd Conveyancing Panel
GE Money Conveyancing Panel : Questions and Answers
My financial adviser has informed me that I have to pay GE Money fees if I use my own solicitor. How good are the GE Money conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and reasonably priced. Would you recommend a specific law firm on the GE Money panel?
GE Money’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that GE Money will allow to act for them.
Our lawyer has identified a problem with the lease for the property we are purchasing. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the GE Money conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or GE Money?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and GE Money are the client. A precondition to being on the GE Money approved panel is to comply with the CML Handbook requirements (last updated for this lender on GE Money). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that GE Money 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.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the GE Money conveyancing panel. Can you recommend a specific firm on the GE Money approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My conveyancers in Liverpool have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with GE Money. Is it case that being on the GE Money conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the GE Money Conveyancing Panel Terms. It might be worth you contacting GE Money directly.
When it comes to mortgage companies such as GE Money do lawyers 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.
I previously instructed online solicitors located in Bristol who are on the GE Money solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the GE Money mortgage. Is this an additional conveyancing fee set by GE Money?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by GE Money but by your lawyers. Some firms on the GE Money will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
My offer was accepted on a house on the 12th February 2014, valuation was booked five days later, all came back fine. Solicitor retained, so all that was missing was my mortgage offer. Having made daily calls to GE Money and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the GE Money conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for GE Money to deal with your lawyers application to be on the GE Money conveyancing panel. There's no guarantee that your solicitors will be accepted.
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