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HSBC chamgig conveyancing rules

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  • Horizon81
    Horizon81 Posts: 1,594
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    Oh bug*er, Im an FTB and need to move quick. I was hoping to go via HSBC however having read this I'm reconsidering. Is HSBC the only main lender to bring in this change? It sounds crazy. I've already instructed a conveyancer and they say in their pack that if you're getting a mortgage then they will represent the lender as well. Not so with HSBC it would seem??
  • AlexSnow
    AlexSnow Posts: 31 Forumite
    Horizon - all lenders have panels of firms who are allowed to deal with their mortgages however most of these contain hundreds or thousands of firms (rather than 43 for HSBC) and it is likely that your conveyancer will be on the panel of the majority of those.

    I, and I'm sure a lot of the professionals on here, would recommend you avoid HSBC if you want to move quickly!
  • kingstreet
    kingstreet Posts: 38,693
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    Horizon81 wrote: »
    Oh bug*er, Im an FTB and need to move quick. I was hoping to go via HSBC however having read this I'm reconsidering. Is HSBC the only main lender to bring in this change? It sounds crazy. I've already instructed a conveyancer and they say in their pack that if you're getting a mortgage then they will represent the lender as well. Not so with HSBC it would seem??
    There are one or two small lenders dotted here and there who do this, but of the major lenders, this is HSBC only, so far.

    Ring the solicitor. Ask them if they are one of the 43. If they aren't, ask them how much extra they charge now for doing HSBC cases and don't forget to add on the HSBC charge of £190 as well.

    The alternative is to have one of the 43 do the lot. Your decision.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Horizon81
    Horizon81 Posts: 1,594
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    Just phoned my solicitor and they say they are still authorised to act for HSBC and had done one in the past couple of weeks. I said how it had gone down to 43 and they thought that would be unlikely but to be honest I believe you lot more than the legal profession. Hmmm I'm now waiting for HSBC to call me back to check if my solicitors are indeed on their chosen panel. 43 in all of the UK sounds very very few.
  • Horizon81
    Horizon81 Posts: 1,594
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    This is fast becoming a farce. I phoned HSBC and they said all their mortgage conveyancing goes through Countrywide and I'd have to call them to check the magic 43 approved solicitors. So I phone them and they say No, you must call HSBC. So I call HSBC and get a more helpful guy who checks and says there's only 1 approved solicitor in my area, and surprise surprise it's not my solicitor (who above said they could represent HSBC). So I'm very confused. Might have to go for a more expensive mortgage provider if it's going to stop this hassle.
  • Yorkie1
    Yorkie1 Posts: 11,538
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    Horizon81 wrote: »
    Just phoned my solicitor and they say they are still authorised to act for HSBC and had done one in the past couple of weeks. I said how it had gone down to 43 and they thought that would be unlikely but to be honest I believe you lot more than the legal profession. Hmmm I'm now waiting for HSBC to call me back to check if my solicitors are indeed on their chosen panel. 43 in all of the UK sounds very very few.

    Well I'm aware of it and I'm not even a conveyancer. It's been in the Law Society Gazette repeatedly.
  • Horizon81
    Horizon81 Posts: 1,594
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    Oh I'm not disputing it is fact, just that my solicitor (or rather her secretary) hadn't heard of it. To all the mortgage advisers on her looking for a test case, sadly (or thankfully) it won't be me as I've decided to cancel my appointent with HSBC on the strength of this thread and another one in the Motgages board. HSBC have some great deals but if you can't get them for weeks on end and it can cost hundreds extra in fees then they're not so attractive any more, especially when you need to move quickly.
  • as mine is causing such a slow down....my client is in grave danger of losing his repossession purchase because of this 11 working days nonsense, which after all begins once the panel lawyer says all the legal papers are fine. They only have to request HSBC to send mortgage money out

    ...and it wasn't long ago when their Sheffield admin centre would let you have the money very quickly if you asked them nicely - so why are they slowing things down now?
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • auroan
    auroan Posts: 241 Forumite
    Well... I've already raised a formal complaint with the HSBC. More details to follow.
  • I was wondering how TimmyT was getting on in dealing with HSBC's conveyancer who wanted a copy of a TPO in respect of flat purchase. has it completed yet?
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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