Common questions asked concerning the GE Money Solicitor Panel
from members of the public
My partner and I are FTBs. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. GE Money have this afternoon contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact GE Money and see if they can apply for membership of the GE Money conveyancing panel, but if that is not viable GE Money will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the GE Money conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My conveyancer has uncovered a difference between the assumptions in GE Money’s home valuation report and what is revealed within the legal papers for the property. My solicitor says that as he is on the GE Money conveyancing panel he must check that the bank is OK with this discrepancy and is content go ahead. Is my lawyer’s approach correct?
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 both parties.
How do I search for a local solicitor on the GE Money conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the GE Money solicitor panel.
My house is up for sale and I have a buyer. Does my solicitor have to be on the GE Money conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the GE Money conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Can I be sure that the solicitor on the GE Money panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your conveyancing
I have not been happy with the level or service received from my lawyer. Is there a GE Money conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to GE Money. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
I was told four weeks ago that my mortgage has been agreed
to by GE Money. Is it usual for GE Money to only issue the offer once my
solicitor is approved on their conveyancing panel?
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.
