GE Money Conveyancing Panel Information

The criteria to join the GE Money conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

Many estate agents will be suffering if their clients start out on the buying 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 solicitors .

The Council of Licensed Conveyancers has entered discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as GE Money since 2008 which is when lenders started being more restrictive.

With lenders and conveyancing firms working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the GE Money conveyancing panel but for all mortgage panels

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 occured.

You should get in touch with GE Money to obtain standard documents. The CML Handbook incorporates a specific question for banks to establish who to contact to obtain standard documents. GE Money in their Part 2’s state: Don’t forget to disclose your GE Money conveyancing panel reference.