HSBC managed panel of conveyancers

jonas123

Hi all,

I'm looking at remortgaging with HSBC and as such have the option to use someone on their managed panel of conveyancers. I had the misfortune of getting an HSBC mortgage when Countrywide was the only convenyancer, and that was probably the most stressful time of my life.

Does anyone know if the managed panel are any good / anyone have any experience? I'm not in a chain but have a reasonable tight deadline to purchase the property so don't want another Countrywide-esque nightmare!

Thanks,

kingstreet

AFAIK if it's free legals for a remortgage, they panel it to who they want, you only get a choice on a purchase where you pay the fees.

Chances are, you'll get Countrywide.

However, it sounds like you are purchasing a property, not remortgaging from another lender to HSBC so you can use any CQS accredited solicitor, you no longer have to use a HSBC panel firm and don't have to pay their legal fees on top by using a solicitor of your choice.

http://www.hsbc.co.uk/1/2/mortgages/conveyancing-options/cqs-accredited-solicitor-firm

You should also be looking at HSBC mortgage rates for house purchase not for remortgages.

jonas123

Sorry I didn't explain very well. I'm trying to staircase shared ownership to 100%. I want to fix my mortgage rate, so will pay off the tracker and get 1 new mortgage to cover the whole thing. Not sure if that counts as a re-mortgage or new mortgage!

Either way, apart from the timing, as it's just me trying to buy the rest of my flat, I'm not too worried about the conveyancing being slow as long as it completes before the validity of my valuation.

kingstreet

IMHO it should be classed as a purchase, as there's additional equity being purchased and the original mortgage and mortgage deed should not be affected.

However, different lenders do things in different ways and I can't speak for HSBC.

Are you being offered the extra money on a remortgage product, or on a purchase product? Are you paying legal fees?

I suspect it's a purchase product and yes, so I'd say it's not a remortgage, FWIW.

jonas123

Purchase product I believe - the new mortgage is a different product (fixed rate vs. tracker that i have at the moment). The new mortgage if successful will pay off completely the tracker (and hence replace it).

One other question - I've gone for a pay off over 30 years (rather than the standard 25). Do you know if these are harder to get? (i.e. higher chance of rejection?)

kingstreet

Term makes no difference to anything but affordability.

Longer term makes it more affordable, but that's to do with how much you borrow, not can you borrow.

Caladan

HSBC do see 30 year Mortgages as slightly higher risk (very, very slightly) I believe.

P.s. I've only heard bad things about Countrywide.

kingstreet

Caladan wrote: »

HSBC do see 30 year Mortgages as slightly higher risk (very, very slightly) I believe

Really?

Same amount borrowed and same loan to value?

They really do move in mysterious ways...

jonas123

Caladan wrote: »

HSBC do see 30 year Mortgages as slightly higher risk (very, very slightly) I believe.

P.s. I've only heard bad things about Countrywide.

Believe me, I lost the best part of 3 months of my life stressing over Countrywide, wouldn't wish that experience on anyone!

lazy_girl

Is there a particular reason you're interested in a 30 year term? We got a mortgage v recently with HSBC and initially thought we would apply for the same, being v cautious about rising interest rates and so on, but after some discussion with the lender we decided to go for a 20 year term. They were actually keen for us to apply for a 15 year term, they said it wouldn't be a problem with affordability but that was more than we were comfortable with. You may find they try and persuade you to do the same.

On the question you actually asked, I don't know who's on their managed panel, we used a cqs solicitor instead.

Mokka

We used CQS accredited solicitor- so far he's been good. HSBC changed the rules a while ago- you don't have to use Countrywide.
HSBC seem to be keen to offer shortest loan term possible, but only if it's in your interest (you could afford to pay more) as in the end you will pay less interest over the term of the loan.