FAQs for the GE Money Conveyancing Panel from members of the public
My Solicitor has never been on on the GE Money Solicitor Panel. Is it possible for me to retain my preferred solicitor even though they are not on the GE Money panel of approved conveyancing solicitors?
The most common options here are as follows:
- Carry on with your preferred lawyers but GE Money will need to instruct a lawyer on the GE Money conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the GE Money conveyancing panel.
- Urge your lawyer to apply to join the GE Money lender panel
Please assist. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from GE Money was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer has advised that as she is on the GE Money conveyancing panel she needs to reorder the searches as they are no longer valid.
A precondition to being on the GE Money approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on GE Money)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to GE Money.
I am searching for competitive conveyancing fees. Can I be sure that all the practices that are identified on your site are on the GE Money conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the GE Money panel and agreed to advise us to take down their listing in the event of removal off of the GE Money panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the GE Money conveyancing panel is not accurate.
I am buying a new build flat and getting a mortgage with GE Money. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the GE Money conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the GE Money conveyancing panel in your location.
Is it the case that all conveyancing solicitors on the GE Money conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the GE Money conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I am about to exchange contracts on a purchase with a mortgage from GE Money. The report from my solicitor mentions that GE Money could withdraw their offer before completion. Is this right?
Lenders such as GE Money can revoke their mortgage offer although this rarely happens. If GE Money withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a number of examples:
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender has to take account a recent change in law
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I have today made my last payment due on mortgage with GE Money. I assume I don't need a solicitor on the GE Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your GE Money 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 GE Money mortgage from the register. GE Money,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 GE Money has sent the Land Registry the discharge electronically, and
the GE Money has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your GE Money mortgage has been paid off.