Countrywide Conveyancing/HSBC - avoid like the plague if you want to complete

glastolover

SuzieSue wrote: »

I assume from your earlier posts that you are not paying NLS Essex a fee for their service? If so, then they cannot be truely independent as they will only recommend products where they will get commission.

If you were paying them a fee for their advice, regardless of whether you took their advice or not, then they could recommenend HSBC.

Well the fact is that even without paying a fee, they are recomending HSBC as the best product, even though they are not able to get commission from them!

As far as I understand, the guy I have always dealt with there has always checked the full market and recommended the best deal for me, which I have compared with what I find through my own research. Then, if he can get a commission from the lender, I apply through him (which when I did it for my original mortgage and one or two remortgages made the process very easy for me), but if he can't he will advise me to apply myself.

The last time I remortgaged, and for this new mortgage, it has turned out to be the latter, my own research online shows HSBC to be the best deal, and he agrees.

I don't see how this is any different to a "truly independent" advisor, who will charge me a fee or take a commission, but as I understand it I get to find out first if they can come up with a better deal than I find through my own research. So if they don't, I won't pay them. Which is the same as my current independent adviser!

I am not going to just pay a (large!) fee to someone who will quite likely tell me that HSBC is the best deal for me. As I see it, I have concluded that myself, and this independent adviser has confirmed it for me.

And if the company I am consulting, who clearly advertise as "independent" but you are claiming perhaps are not, how can I find one who actually is? Is your answer just to find one that insists on a fee up front? As I say, I think they will just tell me about deals I already know about!

Surely the mortgage market is competitive and open, and anyone can find the best deals by researching online these days. An independent adviser is there to advise, and if they can get commission, to process the application.

Please correct me if I am wrong!

SuzieSue

glastolover wrote: »

And if the company I am consulting, who clearly advertise as "independent" but you are claiming perhaps are not, how can I find one who actually is? Is your answer just to find one that insists on a fee up front? As I say, I think they will just tell me about deals I already know about!

Please correct me if I am wrong!

Well if you are sure you already know all the non-commission deals then why do you need an independent adviser? What you are doing is correct for you as there is no need to pay for information you already have.

You are lucky in that your independent adviser works like that, but most will not give details on deals where they will not get a commission unless you pay them upfront, which is understandable. Did he tell you about the HSBC deal or did you ask him about it?

Perhaps Timmyt knows a deal that neither you nor you IFA knows which is doubtful, or perhaps the deal he has decided on suits his personal circumstances better than the HSBC deal. A lifetime deal does not suit everyone.

glastolover

SuzieSue wrote: »

Well if you are sure you already know all the non-commission deals then why do you need an independent adviser? What you are doing is correct for you as there is no need to pay for information you already have.

You are lucky in that your independent adviser works like that, but most will not give details on deals where they will not get a commission unless you pay them upfront, which is understandable. Did he tell you about the HSBC deal or did you ask him about it?

Perhaps Timmyt knows a deal that neither you nor you IFA knows which is doubtful, or perhaps the deal he has decided on suits his personal circumstances better than the HSBC deal. A lifetime deal does not suit everyone.

The HSBC deal is just their lifetime tracker which is well advertised and features in the best buy tables, no secret to it! I am not sure I do know all the non commission deals, that is what I don't understand - how can I find this out?

I think my adviser does only deal with commission deals (he has just been honest and told me he can't beat the HSBC deal), so how can I find an independent adviser that deals with non-commission deals that I cannot find out about through comparison sites? Perhaps there is a better one out there. If I find an IFA who does do this, maybe they can tell me if they have a deal that can beat the HSBC deal. I would then have to know what the payback period would be for this better deal to cover their fee I guess. Maybe they could tell me that without charging me and then I can take it or leave it, is that how it should work?

As I said, I would be willing to investigate this, but I don't really know how to find an IFA to do this.

Understand your last point, and that is fair enough!

Thanks for your help.

Thrugelmir

glastolover wrote: »

Well the fact is that even without paying a fee, they are recomending HSBC as the best product, even though they are not able to get commission from them!

As far as I understand, the guy I have always dealt with there has always checked the full market and recommended the best deal for me, which I have compared with what I find through my own research. Then, if he can get a commission from the lender, I apply through him (which when I did it for my original mortgage and one or two remortgages made the process very easy for me), but if he can't he will advise me to apply myself.

The last time I remortgaged, and for this new mortgage, it has turned out to be the latter, my own research online shows HSBC to be the best deal, and he agrees.

I don't see how this is any different to a "truly independent" advisor, who will charge me a fee or take a commission, but as I understand it I get to find out first if they can come up with a better deal than I find through my own research. So if they don't, I won't pay them. Which is the same as my current independent adviser!

I am not going to just pay a (large!) fee to someone who will quite likely tell me that HSBC is the best deal for me. As I see it, I have concluded that myself, and this independent adviser has confirmed it for me.

And if the company I am consulting, who clearly advertise as "independent" but you are claiming perhaps are not, how can I find one who actually is? Is your answer just to find one that insists on a fee up front? As I say, I think they will just tell me about deals I already know about!

Surely the mortgage market is competitive and open, and anyone can find the best deals by researching online these days. An independent adviser is there to advise, and if they can get commission, to process the application.

Please correct me if I am wrong!

Sounds as if your advisor takes a long term relationship view with their customers. Not every business can win every customers piece of business. Saying that one cannot match on a given occasion is commendable. More likely to result in further business being put their way.

I know of a second hand car salesman that works the same way. Honest and upfront. Would prefer to deal with a customer 5 times than rip them off once only.

kingstreet

Proxy wrote: »

Oh and - absolutely no bad reviews to be found on this forum by my assigned solicitors.

Proxy, was this a remortgage?

Simple and "assigned" solicitor sounds like you were remortgaging. The problem with the HSBC panel is about purchases. Remortgage business is considerably more straightforward and it's normal for you to be given a solicitor to act for you and the lender, at the lender's expense.

Proxy

kingstreet wrote: »

Proxy, was this a remortgage?

Simple and "assigned" solicitor sounds like you were remortgaging. The problem with the HSBC panel is about purchases. Remortgage business is considerably more straightforward and it's normal for you to be given a solicitor to act for you and the lender, at the lender's expense.

Nope. First time buyer. From offer to completion in five weeks.

The speed was helped by the vendor being under probate, and trying to beat the stamp duty deadline!

Richard_Webster

Sounds as if your advisor takes a long term relationship view with their customers. Not every business can win every customers piece of business. Saying that one cannot match on a given occasion is commendable. More likely to result in further business being put their way.

I know of a second hand car salesman that works the same way. Honest and upfront. Would prefer to deal with a customer 5 times than rip them off once only.

That's why I sometimes end up telling a potential client to go to another solicitor if I am not on their preferred lender's panel. It's also a hassle for me to deal with, client never very happy about the experience generally etc with the delays etc involved (blame transfer doesn't always work) but if I tell them to go elsewhere because it will be cheaper and quicker for them, there is a reasonable chance they will tell their friends to try me "because he was honest..."

Why can't that be the case for a mortgage advisor as well?

kingstreet

Proxy wrote: »

Nope. First time buyer. From offer to completion in five weeks.

The speed was helped by the vendor being under probate, and trying to beat the stamp duty deadline!

Were you allowed to choose a solicitor from the panel, or were you told who you were getting, as your post implies?

kingstreet

Richard_Webster wrote: »

That's why I sometimes end up telling a potential client to go to another solicitor if I am not on their preferred lender's panel. It's also a hassle for me to deal with, client never very happy about the experience generally etc with the delays etc involved (blame transfer doesn't always work) but if I tell them to go elsewhere because it will be cheaper and quicker for them, there is a reasonable chance they will tell their friends to try me "because he was honest..."

Why can't that be the case for a mortgage advisor as well?

It's the way it works for me. There are two types of adviser - those who hit and run with a single mortgage for someone and they get a broker fee, procuration fee and commission on insurance sales, making maybe £3-4,000 a case. They hardly ever see that client again.

Then there are advisers who build long-term relationships with their clients who will sometimes see a longer view and accept they might make nothing out of this client now, but the referrals and future business opportunities from the client make it worthwhile continuing to help.

In half an hour, I'm seeing a client I helped buy her first home in 2005. In 2007, I helped her remortgage, to C&G and she's been paying 2.5% since 2009. She now wants to buy a newbuild (!) and I don't expect the new homes adviser will say anything about porting with C&G as C&G no longer pay commission to brokers...

Proxy

kingstreet wrote: »

Were you allowed to choose a solicitor from the panel, or were you told who you were getting, as your post implies?

I was told who I was getting.

I Don't deny that comes down to luck.