Q and A’s regarding the GE Money Solicitor Panel
from members of the public
We are hoping to buy a 1 bedroom flat in Newcastle with a mortgage from GE Money. We have a lawyer but GE Money says he's not on their "panel". We have to appoint one of the GE Money panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the GE Money conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for GE Money
My god-son is buying a house that has just been built with a mortgage from GE Money. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the GE Money conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the GE Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been Googling for conveyancing quotes online. Can I be confident that all the law firms that are listed on your directory are on the GE Money conveyancing panel?
The law firms on our directory have advised us that they are on the GE Money panel and agreed to advise us to take down their listing in the event of removal off of the GE Money panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the GE Money conveyancing panel is not accurate.
I am purchasing a terraced house and getting a mortgage with GE Money. How practical is it for me to do the 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.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender GE Money be concerned
Given that your lender is GE Money your lawyer must to check the GE Money conveyancing instructions contained in the Part of CML Handbook for GE Money . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to GE Money where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
I have paid off my 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. Please confirm
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.
Intending to buy 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 Building Society 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