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approved by GE Money
Ready to buy a new home? Failing to check that a lawyer is on the GE Money list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the GE Money Home Lending Ltd Conveyancing Panel? How can my firm be reinstated onto the GE Money Home Lending Ltd Conveyancing Panel?Find an Approved Solicitor on the GE Money Home Lending Ltd Conveyancing Panel
Frequently asked questions relating to the GE Money Conveyancing Panel
My property lawyer is not listed on the GE Money Approved Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are not on the GE Money approved list?
The most common options here are as follows:
- Carry on with your existing lawyers but GE Money will need to instruct a lawyer on the GE Money conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the GE Money conveyancing panel.
- Urge your lawyer to apply to join the GE Money lender panel
I am purchasing a newly constructed flat and my lawyer is advising me that she has to disclose incentives from the developer as her firm is on the GE Money conveyancing panel. I am on a tight deadline to sign contracts and I have no desire to delay the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the GE Money approved panel is to comply with the CML Handbook requirements (last updated for this lender on GE Money). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the GE Money solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My grandfather passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to GE Money , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then GE Money will insist on your using a conveyancer on the GE Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your GE Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the GE Money mortgage is registered as a charge at the Land Registry.
Do conveyancing lawyers on the GE Money conveyancing panel work on a no sale no fee basis?
In the main 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 package
I am about to exchange contracts on a purchase with a mortgage from GE Money. The report from my solicitor mentions that GE Money could withdraw their offer before completion. Is this right?
Banks and Building Societies such as GE Money can withdraw their mortgage offer although this is unusual. If GE Money withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- If the financial circumstances of the borrower have changed to the detriment and the GE Money has been notified
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that GE Money conveyancing panel solicitors would be obliged to notify GE Money of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with GE Money?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the GE Money conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with GE Money and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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