Transfer of Equity Conveyancing - GE Money Panel Requirements
The content on this web-page is designed to assist E&W conveyancing practitioners who conduct Transfer of Equity conveyancing who are on the GE Money conveyancing panel. It is not intended as an alternative to reviewing the CML handbook requirements for GE Money
As a conveyancer you must approve the transfer (which should be in the Land Registry's standard form) and, if GE Money require, the deed of covenant on their behalf. See below to see if GE Money have standard forms of transfer and deed of covenant
Does GE Money have a standard form of transfer of equity /deed of covenant?
When drafting or approving a transfer of equity, you should bear in mind that:
- although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage;
- the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check (see below for where to obtain this);
- there should be no statement that all interest has been paid to date.
If different from 1.11 of GE Money UK Finance Lenders’ Handbook Part 2, contact point for finding out the debt amount:
Customer Services Department
As a conveyancer on the GE Money panel you must ensure that every person who will be a borrower after the transfer covenants with GE Money to pay the money secured by the mortgage, except in the case of:
- an original party to the mortgage (unless the mortgage conditions are being varied); or
- a person who has previously covenanted to that effect.
Any such covenant will either be in the transfer or in a separate deed of covenant. In a transfer, the wording of the covenant should be as follows, or as close as circumstances permit: "The new borrower agrees to pay the lender all the money due under the mortgage and will keep to all the terms of the mortgage." If it is in the transfer, you must place a certified copy of the transfer with the deeds (unless GE Money tell you not to in their CML part 2 requirements, please see below).
Does GE Money need to be sent the transfer of equity?
A draft copy of the TR1 will be required before completion for review. Confirmation of the completed transfer is also required. NB. Any variation to the parties on the mortgage account is subject to a full GEMHL underwriting process.
If GE Money have agreed to release a borrower or a guarantor and their standard transfer form (if any) includes no appropriate clause, you must add a simple form of release. The release clause should be as follows, or as close as circumstances permit: "The lender releases ... from his/her/their obligations under the mortgage." You should check whether a guarantor who is to be released was a party to the mortgage or to a separate guarantee.
You must obtain the consent of every guarantor of whom you are aware to the release of a borrower or, as the case may be, any other guarantor.
You must only submit the transfer to GE Money for execution if it releases a party. All other parties must execute the transfer before it is sent to GE Money . See GE Money part 2 requirements for where the transfer should be sent for sealing. The UK Finance Lenders’ Handbook Part 2 also gives GE Money approved form of attestation clause - see below:
If different from 1.11, GE Money contact point for obtaining execution of transfer equity:
For applications to amend the register only - Customer Services Department. Note: When we refer to Customer Service Department as a contact point, please address your communication to GE Money Home Lending Limited, Building 4 Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF, DX123800 Croxley 1 For applications to amend the parties on the mortgage & register - Contract Variation Department. Note: When we refer to Contract Variation Department as a contact point, please address your communication to GE Money Home Lending Limited, Building 4 Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF, DX123800 Croxley 1
What form of attestation clause does GE Money use?
"signed as a deed by GE Money Home Lending acting by its attorney in the presence ofÂ…"