HSBC extra time for "checking"...

roboticpink

We decided to go with HSBC for our mortgage (they were miles cheaper, I know they are a pain, but we are in a good position to use them as we aren't in a huge hurry).

Having said we aren't in a huge hurry, we are hugely excitable and want to know when we can expect to exchange. We are expecting our final searches back in 3 days time and then all the paperwork should be ready to go off to Countrywide for their £192 stupidity check.

Does anyone know how long this pointless check on our presumably highly trained and highly competent solicitor's work will take?

(Please let's not turn this into another HSBC-bashing thread, I've done enough of that in this post already. I am just looking for some info and not an opinion on HSBC/how stupid we are to have used them. :cool:)

Thrugelmir

roboticpink wrote: »

Does anyone know how long this pointless check on our presumably highly trained and highly competent solicitor's work will take?

Solicitors are party to mortgage fraud like anybody else. Down turn in business is hitting some hard. So not pointless.

HSBC has always been a conservative lender. The reason why is in the banks name.

roboticpink

Thrugelmir wrote: »

Solicitors are party to mortgage fraud like anybody else. Down turn in business is hitting some hard. So not pointless.

HSBC has always been a conservative lender. The reason why is in the banks name.

Thank you, I understand the background of why they need to do the checks (although every single other bank feels it unnecessary)

I would just like to find out how long we can expect them to take, from others' experience. Anyone?

RavingMad

I'd like to know the answer to this. We've just had our mortgage approved but hoping for a quick sale (though not likely from what I've read on this forum)

liubeliu

Thrugelmir wrote: »

Solicitors are party to mortgage fraud like anybody else. Down turn in business is hitting some hard. So not pointless.

HSBC has always been a conservative lender. The reason why is in the banks name.

The Hong Kong and Shanghai Banking Corporation, I'm confused why this makes them conservative or am i have a durr moment and missing something.

grey_gym_sock

i suppose the implication is that if they're ready for a communist revolution shutting down their business, then they're ready for anything.

sjb92

We were in the same position as the OP, although our hopes of not being in a huge hurry were dashed when our current landlord refused to extend our lease at all, giving us a firm date to complete of the Wednesday just gone. That proved impossible to meet and we're having to stay with friends and put furniture into storage (although the amount we have saved on the mortgage over the next 25 years more than covers this, but still).

Our solicitor sent them the paperwork on 11 May. On 17 May they asked for more information and our solicitor had to point out that they already had been sent it. The same occurred - interestingly with a different request - on 28 May; this time for a combination of information they already had and an extra request. Finally they delayed exchange by an extra day when they simply ignored a fax asking for confirmation of the completion date - in the end we asked HSBC to phone them to push them to reply, which HSBC were more than happy to do.

Our solicitor reports they just never give any sort of timescale so we never knew how long wed had to wait - in the end it was just over three weeks.

To anyone coming to this thread new, our advice would be to think carefully about using HSBC until this changes in August. On the one hand, the rate was the best and being a committed MSErs, we thought that it was worth the risk that it would slow the house purchase process down. We aren't in a chain (we're renting, the house was probate) so everyone said it would be quick and we assumed 8 weeks from offer accepted to completion would do (based in part on the advice on this page: http://www.moneysavingexpert.com/mortgages/house-buying-guide ). Our solicitor advised us not to do it, but we went against his advice. (Sorry).

If you have all the time in the world and you are not in a big chain, then HSBC's mortgage might be worth the extra pain. If you're on any sort of a deadline, you are likely not to make it, so please think carefully about whether you want the extra stress. There are also some vendors and solicitors who will not work with them at the moment. Obviously all this will change in August, and I also have to say we were impressed with everyone we spoke to at the bank - and got the impression that they all felt let down by the delays with the solicitors.

Like the OP, our bigger issue is that we're just excited and want to move into our new house, and this put a big downer on the whole thing. Thankfully it's now all sorted. Good luck to anyone else who's stuck in the middle of it all!