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GE Money Conveyancing Panel: Recently Asked Questions
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel?
Many estate agents will be suffering if their clients start out on the conveyancing process using a solicitor 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 lawyers.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. GE Money and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as GE Money
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
GE Money and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the GE Money conveyancing panel?
In order to be on the GE Money conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily GE Money) are as follows:
- To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
- To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
- To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
Every so often I read a LENDERmonitor alert but I seldom see significant changes. By way of illustration, Fortunately my practice on the
GE Money conveyancing panel and receive a notification simply telling me a change of address. Isn't that just noise?
It is important that you take note of such changes because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also affect your ability to remain on the
GE Money solicitor panel. Lets say that GE Money change their requirements as to where the post completion documents should be sent.
Do you change the details in your CMS? Do you make a note? Is this communicated to the staff? By virtue of your COT GE Money you are giving assurances that you will forward the deeds within 10 days of receiving the TID. Putting to one side the academic question as to whether you are in breach of an undertaking in sending it to the wrong address, you run the risk of
GE Money suspending you off the panel because they are not receiving the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to an address that is no longer valid.
Our membership of the
GE Money conveyancing panel was suspended but was reinstated on appeal, do I need to include these details on my application for CQS accreditation?
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 negatively affect your firm’s application but gives the Law Society viability as to what has happened.
My firm is listed on the
GE Money
conveyancing panel and scheduled to complete a remortgage shortly. My file does not contain a Legal Charge for the client to execute.
Who do I contact at GE Money to obtain duplicate documents?
You need to get in touch with GE Money
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual section for lenders to cite who to contact to obtain standard documents.
GE Money in their Part 2’s state:
Always remember to quote your GE Money solicitors panel reference.
Find a Lawyer on the GE Money Conveyancing Panel
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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.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited GE Money Firms
- Draft Report on Title precedent for GE Money borrowers
- Draft Anti Money Laundering PolicyTemplate for GE Money panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the GE Money lender panel
- Buy-to-Let help for GE Money
- Consent-to-Let help for GE Money
- Contractor Mortgages with GE Money
