HSBC indirect mortgage

lumscx

Hi can anyone shed some lights on the hsbc indirect mortgage? E.g. You can have a sole name mortgage but join owners on the deed? How does it work from the conveyancing prospective? Sounds like my solicitor heard of it but he is not exactly sure how to deal with it yet.

Thrugelmir

One party is responsible for the debt. However in the event of default the lender retains the power of repossession.

lumscx

thanks for the reply. but in general what procedure is required in order to achieve this?

Thrugelmir

There'll be a specific form that needs to completed and filed in order to register the charge in this manner.

kingstreet

It's a specific type of legal charge your solicitor will tear his hear out trying to fathom.

The solicitor I know who has done one said he'd turn down any other future clients wanting it.

lumscx

Thanks for the reply. Is there any relavant information available on the Internet? According to HSBC this is one of their standard practice and arrangement anyway, I just wonder why the solicitor is not familiar with it?

minimike2

Most lenders do not offer this type of security and so few solicitors will have encountered it.