GE Money Conveyancing Panel : Questions and Answers from members of the public
I am expecting a mortgage with GE Money. my intention is to instruct a Licensed Conveyancer. Does the GE Money Solicitor panel allow for Licensed Conveyancers
GE Money’s approved solicitor list is, like many other lenders represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My husband and I intend to remortgage our flat with GE Money. We have a son approaching twenty who lives with us. The solicitor on the GE Money conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this form unique to the GE Money conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your GE Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to GE Money .This is solely used to protect the GE Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of GE Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I have to attend the offices of the GE Money conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Newcastle
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for GE Money undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I would like to get my former partner removed the mortgage deeds. Can GE Money really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but GE Money then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the GE Money solicitors panel
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.
After shopping around on the internet I have found a solicitor having checked that they are on the GE Money conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the GE Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
GE Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually GE Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with GE Money you could contact your them to see if they have a list of approved surveyors.
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 should be my next step? When should I get the mortgage app going 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.