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. It is a unique risk mitigation tool.

This software assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with alerts on GE Money’s changes. Even though using the software is not a condition for acceptance on the GE Money panel, demonstrating you can remain up to date with GE Money’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, safeguard your panel standing.

The system generates real-time alerts, automatically produces SRA and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

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Lenders frequently change 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,

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Recent Changes Include

# Date Assoc. Changes Related To
10.7 09/03/2016 CML
3.2.4 09/03/2016 CML
5.14.12 09/03/2016 CML
5.5.3d 09/03/2016 CML Lack of Planning Permission Indemnity Insurance
6.4.4 09/03/2016 CML
6.6.3 09/03/2016 CML
6.7.6 09/03/2016 CML
5.20.1 09/03/2016 CML
5.20.4 09/03/2016 CML
6.14.1b 01/12/2014 CML

Last update 13/11/2018

FAQs : The GE Money Conveyancing Panel from members of the public

A solicitor my husband and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my lender is because of their difficult processes! Am I likely to be frustrated using GE Money? Any comments will be appreciated
GE Money conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the GE Money conveyancing panel. If they are not, this does add further risk of delay as GE Money will appoint their own solicitors to look after their interest.
Please help. My conveyancer is assuring me that she is duty-bound to conduct a Local Authority search stemming from the fact that the firm are on the GE Money solicitor panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with GE Money your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of GE Money’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated GE Money. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Your search tool is useful but there are many lawyers listed near Manchester on the GE Money conveyancing panel. It would be a lot more helpful if you could 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..
I am considering applying for a GE Money mortgage for purchase of a new build (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for GE Money?
There is nothing to stop you using your solicitor but GE Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is it the case that all conveyancing solicitors on the GE Money conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We have a mortgage agreed in principle with GE Money. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from GE Money?
There is no definitive answer here. Have GE Money done the valuation? Have you advised GE Money as your lawyers details and checked that your lawyer is on the GE Money conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Planning on purchasing a flat with a mortgage with GE Money. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the GE Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the GE Money conveyancing panel