Offer accepted on house, HSBC mortgage. Problem?

Paulcumbria

We have finally, after a long time looking, had an offer accepted on a house(Yesterday). My original mortgage offer in principal had elapsed due to the time. I decided to go for an 80% LTV tracker with HSBC and had the offer over the phone yesterday for slightly more than we required. I'm happy with the mortgage and feel absolutely ok with the monthly payments, indeed we have budgeted for an additional few % increase in rates over the next few years. (310 purchase so 248 mortgage).
HSBC have provided me with banking sine I was 16 years old, through university and beyond. I am extremely happy with them, BUT, after going through the application yesterday I did some research via the 'net last night, obviously I came away feeling rather worried....

My concerns aren't HSBC particularly, it is the solicitors. I live in Cumbria, we don't appear to have any 'approved solicitors' and the nearest is one in Bolton (80mins away)- I believe called Russell and Russell. My options are:

Use the approved panel - will probably get Countrywide?
Use a local solicitor, pay extra and go through Countrywide
Use a specific approved, for example Russell and Russell-does it still go through Countrywide?

What is the best thing to do? I don't really want to stop the application process, I'm also aware that the credit searches were done on both myself and partner which will surely cause issue for another application?

We currently own outright and will rent it out, the vendors are moving into an empty, chain free purchase. It should be a relatively straight forward purchase.......

Advice/help appreciated

Regards
Paul

bigadaj

Hsbc have announced that they are dropping their panel because of issues and bad pr, probably worth speaking to them now, as they are only changing from august apparently, but given it is changing they may be flexible and allow you to use someone local at no extra cost.

Paulcumbria

When I spoke to them yesterday they said I had to pay the fee (when I expressed my concern before even reading the reviews!). I'm not sure they will budge on it and to be honest the money isn't the issue - its the Countrywide end of things, this choice would still involve them?

Yorkie1

If you want to avoid a Countrywide fiasco and paying the extra £192 fee, you will need to instruct one of their panel firms. At present, and for the next 2 months, that panel consists of about 40 firms (e.g. Russell & Russell) and you may be right that that is your closest one. Give R&R a ring and ask whether acting for you at that distance will cause any difficulties.

HSBC have announced that from July they will expand the panel of solicitors to include those which have achieved the Law Society's Conveyancing Quality Standard (CQS) but that doesn't assist you now.

Paulcumbria

Thanks for that, I have fired off an email to them and I will see if they respond.

iazcac

I used a local solicitor when I moved last year but never saw them. Whole process done remotely via post, email and phone. Added no delay and made my life easier as is hard to leave work during office hours. I would much rather have a decent solicitor 500 miles away then a shoddy local one anyday

Paulcumbria

Right, so I received a response from the bolton solicitors and it appears as though they are a good bet. I have instructed them to work on my behalf....

Waiting for the paperwork, reading between the lines it appears as though HSBC often offer a mortgage but then retract the offer over the coming few weeks.....

We had a decision in principal and then a full application accepted over the phone with an offer of slightly more than we needed (didn't take it).... are we in a favourable position to get a mortgage at this stage or are they just fishing for customers?

The_J

HSBC still have a panel of sorts and still the fee. It's typical politics, roll out something terrible, react to outrage but pulling back a bit but still leaving a steaming turd.

But the locality of the solicitor is irrelevant in this day and age.

s_D_john3

Hi there, I was keen to find out how the process went with HSBC. Did they approve in the end? I'm in a similar boat but with less deposit (10%). Would not be looking at HSBC ordinarily, other than we already have a great tracker rate on our flat so are trying to preserve it by porting, then also mortgaging the difference on the bigger property.

Any experiences you can share as to the HSBC process would be appreciated.

Thanks.