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approved by GE Money
Ready to buy a new home? Failing to check that a lawyer is on the GE Money list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the GE Money Home Lending Ltd Conveyancing Panel
Frequently asked questions relating to the GE Money Conveyancing Panel
For what reasons would a firm of solicitors be removed from the GE Money solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by GE Money
Can you clarify something for me?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from GE Money was dated random date and we have agreed a date for me to move into the property on Tues etc. My solicitor says that as she is on the GE Money conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the GE Money approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on GE Money)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to GE Money.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the GE Money conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the GE Money conveyancing panel as opposed to being supplied with a list from GE Money directly.
My solicitors in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with GE Money. Is it case that being on the GE Money conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the GE Money Conveyancing Panel Terms. It might be worth you contacting GE Money directly.
is it true that all conveyancing solicitors on the GE Money conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the GE Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Two weeks ago we had a mortgage agreed in principle with GE Money. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from GE Money?
There is no definitive answer here. Have GE Money conducted the survey? Have you advised GE Money as your lawyers details and checked that your lawyer is on the GE Money conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Can I register a complaint to GE Money about the lawyers being on the GE Money conveyancing panel?
There is little point in complaining directly to GE Money. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.