Common questions asked concerning the GE Money Solicitor Panel from members of the public
The conveyancer my husband and I had intended to instruct on a purchase said he will levy higher legal fees if my lender is because of their unusual legal requirements. Will I regret 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.
My partner and I changing mortgage lender for our apartment with GE Money. We have a son 19 who lives with us. The solicitor on the GE Money conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the GE Money conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong 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.
I am planning to acquire a house and need a conveyancing solicitor in Liverpool who is on the GE Money approved. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for GE Money . We don’t recommend any particular firm.
I am considering applying for a GE Money mortgage for purchase of a new build (under development) with 65 per cent 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 much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Do conveyancing lawyers on the GE Money conveyancing panel work on a no move no charge basis?
There is generally 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 agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender GE Money be concerned
As 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. The CML are developing guidance for Northern Ireland and Scotland.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, GE Money are being a right pain. The solicitor who is on the GE Money conveyancing panel is recommending indemnity insurance as a solution but GE Money are insisting on a building regulation certificate. Why do GE Money have a conveyancing panel of they don’t accept advice from them?
It is probably the case that GE Money have referred the matter to their valuer. The reason why GE Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
