GE Money Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with GE Money as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from GE Money we suggest that you call GE Money to check the position.

You need to be careful here as what you are proposing may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the GE Money conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell GE Money immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in GE Money’s mortgage offer are correct. If they are not, please let GE Money know as soon as possible as it will be necessary for GE Money to check with the valuer whether the valuation needs to be revised. GE Money conveyancing panel solicitors are not expected to assume the role of valuer. GE Money are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, GE Money recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. GE Money recommend that, if we send a copy of a valuation report that GE Money have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from GE Money or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the GE Money conveyancing panel

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your firm’s application but gives the Law Society viability as to what has occured.

You would be advised to communicate with GE Money to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express question for lenders to enumerate who to contact to obtain standard documents. GE Money in their Part 2’s state: It helps to quote your GE Money solicitors panel number.