Examples of recent questions relating to the GE Money Solicitor Panel from members of the public
Is there a reason why all solicitors are not on the GE Money Conveyancing panel?
Even though it may seem unfair for GE Money to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern GE Money are limiting their panel of approved conveyancing lawyers to a manageable size. The GE Money lawyer panel is not the smallest
We are getting closer to an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender GE Money. I am advised that, being on the GE Money conveyancing panel and acting on their behalf he must inform GE Money if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with GE Money to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to GE Money if you agree, failing which, your lawyer must cease to continue acting.
I see that you have a post code search directory listing firms on the GE Money conveyancing panel. Do firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the GE Money conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
The lawyers that I appointed last week on my purchase in London has suddenly closed. I only went with them because I had to have a firm on the GE Money conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the GE Money conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
My brother and I have had an offer accepted on a flat I spoke to a lawyer previously used by my brother and he recommended using a solicitor approved by GE Money. The estate agent recommended two local firms so I asked GE Money if the 2 suggested solicitors are approved, which they are not. GE Money pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of GE Money 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask GE Money to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the GE Money conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto GE Money conveyancing panel as it may only take about 2-3 weeks. As long as they meet GE Money’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned GE Money on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the GE Money conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the GE Money panel she or he must comply with the CML Handbook requirements for GE Money. Unless your lawyer obtains specific confirmation in writing that GE Money will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask GE Money to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with GE Money?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the GE Money conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with GE Money and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.