GE Money Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by GE Money and to assist in remaining on the GE Money Conveyancing Panel.

GE Money Conveyancing Panel: Recently Asked Questions

Do GE Money or the Council of Mortgage Lenders run professional training Courses for the GE Money approved solicitor panel in the same way that CQS run CPD Courses for accredited firms?
The Council of Mortgage Lenders (or the BSA) do not involve themselves in training however they do provided a number of useful conveyancing related conferences which are attended by firms on the GE Money conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on GE Money’s Part 2 requirements. Law firms on the GE Money conveyancing panel will be invited. Information about the webinar will be made available as part of the LENDERmonitor Alerts.

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I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
The fact of the matter is that estate agents will be suffering if their clients start out on the buying process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .
Being on the GE Money conveyancing panel how long am I obliged to archive the original conveyancing file?
The CML Part II requirements of GE Money are silent on this. Most mortgage companies address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect GE Money’s interest. To be absolutely sure of GE Money requirements in this regard please check the Terms and Conditions of GE Money’s conveyancing panel acceptance.
It is possible that GE Money could request or audit my files as I am on the GE Money conveyancing panel. What do I do if I receive such a request?
We can't comment specifically on GE Money. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in arrears with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

I seldom receive a copy of a lender valuation any more. Do my GE Money conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with GE Money as the Mortgagee?
There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) 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. (III) 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 comprehensive 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
Our membership of the GE Money conveyancing panel was suspended but was reinstated on appeal, do I need to include this information on my CQS application?
You should provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society viability as to what has happened.
I am on the GE Money conveyancing panel and all set to complete a purchase shortly. My papers do not include a Legal Charge for the client to sign. Who do I contact at GE Money to request substitute deeds?
You would be advised to get in touch with GE Money to obtain standard documents. The CML Handbook contains an explicit inquiry for banks to reveal who to contact to obtain standard documents. GE Money in their Part 2’s state:
It is likely that you will need to disclose the firm’s GE Money conveyancing panel number.

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Average number of days to register title including a charge in favour of GE Money
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor