HSBC and Solicitors?!

SG27

Well further to my earlier thread in which I received some excellent advice I have another query.

We intend to use HSBC for our mortgage as they have the best rates for us. I know they have a reputation for being a bit slow but ours should an easy case (hopefully!)

We have just discovered that our solicitor is not on the HSBC panel. What does this mean? will it cause problems or should I change to a solicitor who is?

Any help would be much appreciated thanks!

germaki

We're buying a property and using HSBC and our own solicitor and so far haven't seen any delays (touches wood).

I think (and someone who has experience please correct me if i'm wrong) but i think the delay will come when your/our solicitor send the paperwork to HSBC's to verify before exchange.

SG27

germaki wrote: »

We're buying a property and using HSBC and our own solicitor and so far haven't seen any delays (touches wood).

I think (and someone who has experience please correct me if i'm wrong) but i think the delay will come when your/our solicitor send the paperwork to HSBC's to verify before exchange.

Thanks for the reply. Did you have to pay any extra fees? On our solicitors paperwork which we have been sent it says that they will appoint another solicitor on behalf of HSBC. Does this mean double fees?

We want to apply for our mortgage tomorrow but our solicitor is shut and dont want to go with HSBC if its setting us for problems or increased costs!

Yorkie1

If your solicitor is neither on the HSBC panel, nor has the Law Society CQS Accreditation, then HSBC will appoint its own conveyancer (usually Countrywide Conveyancing) at a cost to you of £192.

If previous performance is anything to go by, CC will take ages to double check everything, lose things three times, ask you for the same thing a couple of times, and generally make you and your solicitor pull your hair out repeatedly.

Then again, CC may have improved since much earlier in the year, when HSBC had too few solicitors able to act on its behalf; it was also a very busy time owing to the end of the stamp duty holiday for FTBs.

jpadda

Be very patient if you decide to use Countrywide. They will be slow and your sale/purchase will almost certainly be slower than if you use a local solicitor. There are lots of forums complaining about them. It's unfortunate that HSBC insist on people using a solicitor from their panel and not just ask you to use your own solicitor.

My purchase has fallen through because Countrywide were taking so long. The vendor grew tired of what he saw as a delay on my part, when it was due to HSBC and Countrywide's tardiness. 4 weeks to send and acknowledge 3 letters between them. I can't chase them up as it's a call centre where the person on the phone can't do anything. Approach with caution.