HSBC underwriting nightmare

Marcshackman

Hi everyone,

I won't bore you with all the gory details, but my girlfriend and I are having the worst experiences with HSBC. And I want to know if anyone else has had a similar experience or can offer some advice!!

They asked for us to get a drainage survey done to see if a tree had damaged them - we all knew it hadn't but to shut them up paid the £200+ just to get it out of the way. Lo and behold - drains were fine.

But then the surveyors then came back with a requirement that we get remedial work done on the drains (there is a hairline crack and some silt buildup in one of them, but nothing major). This is where it gets silly. The drains are communal, are owned by Thames Water and do not run under the property. Despite this, the surveyor is saying we should them dug up and replaced before any money is lent.

Thames Water of course won't do this unless there is a problem with the drains (which there isn't) so we're in a classic catch 22.

We've made a complaint and asked if we can get a second opinion (HSBC won't allow this) and are at the end of our tether. We are hoping to complete in just under three weeks and are really worried that we'll lose the house.

Anyone have any tips or advice?

Thanks,

Marc

jtr2803

That sounds like it really sucks. I asked my husband as he works for our local water board and he says that drain responsibility recently changed from being that of the homeowners it supplied to that of the water board whose area it falls in to. As such, he's struggling to understand why the surveyors are so insistent on the repair as its not your liability.

He's suggested asking Thames for a letter outlining their responsibility but not sure how likely they are to give this?

Thrugelmir

Marcshackman wrote: »

They asked for us to get a drainage survey done to see if a tree had damaged them - we all knew it hadn't but to shut them up paid the £200+ just to get it out of the way. Lo and behold - drains were fine.

But then the surveyors then came back with a requirement that we get remedial work done on the drains (there is a hairline crack and some silt buildup in one of them, but nothing major). This is where it gets silly. The drains are communal, are owned by Thames Water and do not run under the property. Despite this, the surveyor is saying we should them dug up and replaced before any money is lent.

Thames Water of course won't do this unless there is a problem with the drains (which there isn't) so we're in a classic catch 22.

Surveyor represents the lender. All the lender cares about is that the property is suitable security for the money being advanced. As it's the bank that's taking the risk not you. If a potential issue has been identified already then any insurance cover subsequently effected would be void.

10pence

Is this Countrywide Conveyancing Services by any chance?

They've been nothing but a problem ever since HSBC started using them, they've been on BBC's Watchdog programme a few months back and I know of several of my mortgage manager buddies absolutely hate them, as they've lost mortgage sales due to them. Even worse there's a thread here about them: LINK
Unless you can get that letter a complaint is the only option, and that will be to both parties.

kingstreet

This thread has nothing to do with conveyancing, it's about the lender and its chosen surveyor. It could be Countrywide Surveyors, but based on our experience I'd say they are no worse than any other corporate survey firm doing bulk lender valuation work.

Marcshackman

Good news! The bank acknowledged they were being stupid and have said all is fine with the property security-wise.

Let's see what they screw up next!!