Common questions asked concerning the GE Money Solicitor Panel from members of the public
My financial adviser has informed me that I have to pay GE Money fees should I instruct my family lawyer. How good are the GE Money conveyancing panel solicitors? I dont care which law firm I use provided that they are good and reasonably priced. Would you recommend a specific law firm on the GE Money panel?
GE Money’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that GE Money will allow to act for them.
Our lawyer has identified a problem with the lease for the apartment we are buying. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the GE Money conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or GE Money?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and GE Money are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that GE Money can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
Is it necessary during the course of the conveyancing process to visit the offices of the GE Money conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Leeds
so that I can attend their offices if required.
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 am buying a right to buy flat and getting a mortgage with GE Money. Can I do my own 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.
We are getting a further advance on our mortgage from GE Money as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the GE Money conveyancing panel to deal with the paperwork?
GE Money do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the GE Money panel
I currently have a mortgage with with GE Money. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform GE Money?
GE Money must be informed of your intention before letting out your property as this is likely to be a breach of GE Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact GE Money directly. It should not be necessary to do this via a GE Money conveyancing panel solicitor.
At last I have had an offer on an apartment 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.