HSBC mortgage conveyancing panel change announced.
HSBC mortgage conveyancing changes have been announced that will permit all solicitors accredited through the Law Society Conveyancing Quality Scheme to act on behalf of HSBC and its customers.
This change now means that approximately 1400 solicitors will be available which is a massive increase on the 43 previously approved for the HSBC mortgage conveyancing panel. The change will be brought in this August and will mean that all CQS accredited practitioners can work on purchases up to £150,000.
HSBC have been invited by the Law Society to assist in developing CQS assessment so that joining a mortgage lender's conveyancing panel becomes an automatic requirement.
HSBC head of lending Martijn van der Heijden commented saying that the panel was introduced this January to provide added protection for mortgage customers. Desmond Hudson who is the Law Society's chief executive added to this saying that HSBC has demonstrated its commitment to putting customers first.
Under the amended HSBC mortgage conveyancing scheme customers will be offered a choice of three options.
The first will be the managed panel who can act for both HSBC and the mortgage borrower. Under this option fixed fees are offered along with other guarantees such as if there is no sale then no fee will be charged.
The second option available will be the use of CQS members not part of the HSBC managed panel. With this option CQS members are not obliged to stick to the fees set by HSBC.
The third option is for borrowers to chose their own conveyancer not connected to HSBC, however borrowers will also be required to pay £160 + VAT for the completion of HSBC's legal work.
For a comparison of HSBC mortgage rates against those offered in the wider market contact Deal Direct today.