Find an Approved Solicitor on the GE Money Home Lending Ltd
Common questions asked concerning the GE Money Solicitor Panel
My wife and I are FTBs. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. GE Money have this evening contacted us to advise us that they have now hit a problem as our solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your solicitors should contact GE Money and see if they can apply for membership of the GE Money conveyancing panel, but if that is not viable GE Money will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the GE Money conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from GE Money was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer has advised that as she is on the GE Money conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the GE Money approved panel is to comply with the CML Handbook requirements (last updated for this lender on GE Money)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to GE Money.
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.
The lawyers that just started acting on my house acquisition in Manchester has without warning shut down. They were on acting for me because I had to have a solicitor on the GE Money conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the GE Money conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the GE Money conveyancing panel requirements are different to GE Money’s conveyancing panel requirements.
Two weeks ago we had a mortgage agreed in principle with GE Money. Solicitors have been appointed? How long does it take for GE Money to send the offer to our conveyancer
Some lenders take longer than others. Have GE Money done the survey? Have you advised GE Money as your lawyers details and checked that your lawyer is on the GE Money conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have a mortgage with GE Money. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform GE Money?
GE Money must be informed of your intention in advance of letting out your property as this is likely to be a breach of GE Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact GE Money directly. You need not do this via a GE Money conveyancing panel firm.
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