GE Money Conveyancing Panel Compliance

GE Money Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk mitigation tool.

This software optimises the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with automatic updates on GE Money’s changes. Even though utilising this technology is not a condition for acceptance on the GE Money panel, demonstrating you can stay up to date with GE Money’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, protect your panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by GE Money

Lenders often vary their requirements. The UK Finance Lenders’ Handbook requirements from GE Money are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, GE Money has made 545 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 5.0 days. In total, 62% of the sections of P2 of the UK Finance Lenders’ Handbook for GE Money have been changed since 15/12/2008.

To find out more about lender panel compliance,

Book a Personalised Demo

Recent Changes Include

#	Date	Assoc.	Changes Related To
10.10	09/03/2016	CML	holding the mortgage advance
10.9	09/03/2016	CML	Mortgage Advance and Certificate of Title Do GE Money Home Lending Ltd have a specific contact point if completion is delayed for their approved lawyer?
1.14	09/03/2016	CML	General Mortgage Instructions Can the panel conveyancing firm act for GE Money Home Lending Ltd if the person dealing with the conveyancing or a member of his immediate family is the seller?
14.2.2	09/03/2016	CML	Post Completion Conveyancing Which documents should approved lawyersfor GE Money Home Lending Ltd send the title deeds and documents following completion?
5.14.10	09/03/2016	CML	Leasehold Conveyancing GE Money Home Lending Ltd panel lawyers leasehold conveyancing requirements : contact for service charge matters
5.14.1	09/03/2016	CML	Leasehold Conveyancing GE Money Home Lending Ltd panel lawyers leasehold conveyancing requirements : minimum unexpired lease term
5.17.5a	09/03/2016	CML	Power of Attorney GE Money Home Lending Ltd requirements for approved lawyers as to whether GE Money Home Lending Ltd need to be sent power of attorney
6.6.4	09/03/2016	CML	Houses in Multipe Occupation GE Money Home Lending Ltd approved conveyancer requirements where the property comes within the definition of a house in multiple occupation
5.2.1	09/03/2016	CML	Seller not registered Contact details at GE Money Home Lending Ltd for approved lawyers for where the seller is not the owner or registered proprietor and is not listed in the exceptions in the CML Handbook P1.
6.14.1b	01/12/2014	CML	buildings insurance in joint names or lender interest noted

Last update 10/09/2019

Common questions asked concerning the GE Money Conveyancing Panel from members of the public

I need to swap lawyers as my lawyer is not on the GE Money panel of conveyancing solicitors. Is it advisable to appoint a new law firm?

If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.

My solicitor has identified an inconsistency between the assumptions in GE Money’s home valuation report and what is revealed within the legal papers for the property. My solicitor has advised that as he is on the GE Money conveyancing panel he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?

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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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 Newcastle on the GE Money conveyancing panel. Can you recommend a specific firm on the GE Money approved panel?

We are not in the business of recommending one firm above another 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..

What happens if my solicitor is removed from the GE Money Conveyancing panel before completion?

The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

Why might a lender such as GE Money withdraw a mortgage offer?

Banks and Building Societies such as GE Money can revoke their mortgage offer although this rarely happens. should GE Money withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:

A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware

Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.

Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower

Where the sale is not at arms length for value to unconnected persons

If the solicitor on the GE Money conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with GE Money ‘s instructions

I am currently in the process of buying my council flat. I have a mortgage offer with GE Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?

It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with GE Money you will need to appoint a solicitor on the GE Money conveyancing panel.

My offer was accepted on a property on the 17th March 2014, valuation was booked five days later, received a clean bill of health. Solicitor appointed, 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?

Mortgage companies tend not to not issue a mortgage 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.