GE Money Conveyancing Panel : Questions and Answers
from members of the public
I need to swap lawyers as my lawyer is not on the GE Money panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company GE Money will not agree to this. Why was GE Money even consulted?
Your lawyer being on the GE Money conveyancing panel is duty bound to inform GE Money of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to GE Money then they would have to discontinue acting for you and GE Money.
Having used 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.
My solicitors in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with GE Money. Is it case that being on the GE Money conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the GE Money Conveyancing Panel Terms. It might be worth you contacting GE Money directly.
When it comes to mortgage companies such as GE Money do solicitors have to be pay a fee to be on the conveyancing panel?
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.
I had instructed online conveyancers based in Bristol who are on the GE Money solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the GE Money mortgage. Is this an additional conveyancing fee set by GE Money?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by GE Money but by your lawyers. Some firms on the GE Money will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
My existing mortgage is with GE Money. My grandfather has just retired and wants to pay off the mortgage left on the property. After GE Money is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the GE Money conveyancing panel? I do not intend to live at the property once the GE Money mortgage is discharged.
will need a solicitor but they need not be on the GE Money conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.