HSBC will not allow me to use my own solicitor

blauren93

Hello. We are currently remortgaging with a transfer of equity with HSBC and have a few problems with the solicitors they have told us we must use. Is this legal? Surely we must be allowed to use solicitors of our own choice? Any help will be much appreciated! Thanks

davidmcn

Possibly some confusion here - the bank are entitled to decide which solicitors they use, and they all have a panel of approved firms (some lists much shorter than others). If you want legal advice, you ought to be able to use whichever firm you want. But if you and the bank are using separate firms, you're probably going to be duplicating your costs.

MovingForwards

Ask them what other solicitors are on their panel and consider swapping to one of them instead.

Thrugelmir

blauren93 wrote: »

Surely we must be allowed to use solicitors of our own choice?

The solicitors don't just work for you, but the lender also. Given the sums involved the lender will wish to appoint a solicitor that meets their requirements.

blauren93

Thanks for your reply. I asked during our consultation if we could use our own solicitors but we're told no. We must use their solicitor. I understand they are free to use theirs but we are not happy with the level or service from them. I thought we could have used our own to liaise with theirs but we're told no.

Thrugelmir

For a remortgage. One firm of solicitors should suffice.

The bottom line is that lenders incur losses due to mortgage fraud. Rates far above a first class service from solicitors for the borrower.

Amst

We come across this quite regularly where I work and there is potentially a hybrid option that may suit you (however this is not me advising you to do this). You could appoint a solicitor of your choice to deal with the ToE entirely and separate this from the remortgage process which is then dealt with by HSBC's choice of firm.

By doing this you can use HSBC's fees assisted legals to complete the transaction and ensure the ToE goes ahead on the scheduled date, or beforehand.

I would speak to your broker, or the bank, to see if they would disagree.

amnblog

If you are remortgaging on a free legal’s deal The Lender will nominate the Solicitors and you will not get a choice in it that is common place.

If you are fixed on using an alternative solicitors (can’t see why), select a deal without free legals.