GE Money Conveyancing Panel Compliance

GE Money Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and professional indemnity insures. COMPLETIONmonitor is a unique risk management tool.

This system optimises the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with notifications given on GE Money’s changes. While using the tool is not a prerequisite for GE Money , demonstrating you can remain up to date with GE Money’s Handbook requirements is a helpful support to your panel application and, more importantly, protect your firm’s panel standing.

The software generates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, leads to a PII saving.

Find a Law Firm approved by GE Money

Lenders frequently vary 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
1.14	09/03/2016	CML	General Mortgage Instructions Can the approved conveyancing firm act for GE Money Home Lending Ltd if the person dealing with the conveyancing or a member of his immediate family is the seller?
1.15	09/03/2016	CML	General Mortgage Instructions Can the approved conveyancing firm act for GE Money Home Lending Ltd if the person dealing with the conveyancing or a member of his immediate family is the borrower?
5.14.9	09/03/2016	CML	Leasehold Conveyancing Contact details at GE Money Home Lending Ltd for approved lawyers for matters relating to the lease.
5.15.2a	09/03/2016	CML	Leasehold Conveyancing : Management Company Contact details at GE Money Home Lending Ltd for conveyancing panel lawyers for apparent problems with the management company.
5.15.2d	09/03/2016	CML	Leasehold Conveyancing : Management Company GE Money Home Lending Ltd approved lawyers leasehold conveyancing requirements : requirement as to whether a copy of the management company's memorandum and articles of association needs to be sent to them
5.16.2	09/03/2016	CML	Leasehold Conveyancing : Management Company Contact details at GE Money Home Lending Ltd for conveyancing panel lawyers if unable to certify search entry on bankruptcy search does not relate to borrower.
5.8.1	09/03/2016	CML	Freehold and leasehold owner of multiple flats GE Money Home Lending Ltd panel lawyers clarification as to whether they accept security which comprises a building converted into not more than four flats where the borrower occupies one of those flats and the borrower or another flat owner also owns the freehold of the building and the other flats are subject to long leases?
9.1	09/03/2016	CML	Defective Title Insurance GE Money Home Lending Ltd clarification to approved lawyers clarification as to whether GE Money Home Lending Ltd need to be sent the indemnity insurance policy Adverse Possession Indemnity Insurance Possessory Title Indemnity Insurance Missing Deeds Indemnity Insurance Defective Title Indemnity Insurance
3.1.3	09/03/2016	CML	Conveyancing Solicitors Details for Sellers Do GE Money Home Lending Ltd require notification form their approved lawyer of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller?
3.1.5	09/03/2016	CML	ID Documentation GE Money Home Lending Ltd panel lawyers requirements re ID Documentation: Further acceptable documents (if any)

Last update 11/07/2019

Frequently asked questions relating to the GE Money Solicitor Panel from members of the public

I instructed a solicitor to conveyancing on my remortgage 4 weeks ago having applied for a mortgage with GE Money. The solicitors reassured me that they are on GE Money conveyancing panel and provided me their panel reference. GE Money then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the approved panel for GE Money?

You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the GE Money as to the time frame to get your lawyer reinstated on the panel once again.

We are nearing an exchange and my parents 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. Apparently, 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 have checked your search tool I can't find the lawyer I was hoping to instruct as being on the GE Money conveyancing panel. My lawyer has said that they are on the GE Money approved panel. How can I be sure given that they are not listed on your directory?

Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the GE Money conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the GE Money solicitor panel.

I am selling my house. 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.

Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the GE Money conveyancing panel?

A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.

When it comes to mortgage companies such as GE Money do lawyers have to be pay a fee to be on the list of approved solicitors?

We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.

Next month my fiance and I are buying a 1st floor apartment in Hendon. Conveyancing solicitors in Hendon are about to beretained. My agentsuggested that we double-check that the solicitor in Hendon is on the GE Money panel. Surely I don't need to do this, do I?

A limited percentage of Hendon conveyancing solicitors are on the GE Money conveyancing panel. 7 people a month use our search tool to locate a Hendon conveyancing solicitor on the on the GE Money panel.