HSBC Mortgage Offer

poshboy

Hi all, we've just had our mortgage offer from HSBC after applying via a broker, which is great. However on the mortgage illustration, it lists a conveyancing charge of £295 which I didn't expect to see. I'm presuming this just appears as standard on all mortgage illustrations and that we don't actually pay that unless we're using a solicitor not on the panel (I checked ours is before applying for the mortgage).

K_S

@poshboy It's just HSBC's estimate of what the solicitor may charge you for doing what HSBC requires them to do as part of conveyancing.

Other lenders might simply put it as "A fee is payable to your conveyancer for xyz. Please check the amount payable...." without putting a number to it.

It should also have been shown on the illustration/KFI that the broker sent you when making the recommendation.

poshboy

K_S said:

@poshboy It's just HSBC's estimate of what the solicitor may charge you for doing what HSBC requires them to do as part of conveyancing.

It would also have been shown on the illustration/KFI that the broker sent you when making the recommendation.

Thank you. That's fine then. I've had the full cost breakdown from our solicitor already so will be included in that then. Was a bit worried when I first saw that! 

poshboy

Ok so this has moved on a bit today in that my solicitor has confirmed that LMS have sent them the mortgage offer and because they're involved my solicitor will charge me an additional small fee which is fine but they are unsure about the £295 charge. I have to wait until Monday to discuss with my broker but I'm getting more concerned I'm going to have to pay this £295 charge.

K_S

poshboy said:

Ok so this has moved on a bit today in that my solicitor has confirmed that LMS have sent them the mortgage offer and because they're involved my solicitor will charge me an additional small fee which is fine but they are unsure about the £295 charge. I have to wait until Monday to discuss with my broker but I'm getting more concerned I'm going to have to pay this £295 charge.

@poshboy Assuming that your chosen solicitor is on the HSBC panel, your broker should be able to confirm on Monday that you won't have to pay any separate £295 charge for conveyancing. All your conveyancing fees will be included in your solicitor's quote.

This is from the HSBC website https://www.hsbc.co.uk/mortgages/fees/ 

poshboy

K_S said:

poshboy said:

Ok so this has moved on a bit today in that my solicitor has confirmed that LMS have sent them the mortgage offer and because they're involved my solicitor will charge me an additional small fee which is fine but they are unsure about the £295 charge. I have to wait until Monday to discuss with my broker but I'm getting more concerned I'm going to have to pay this £295 charge.

@poshboy Assuming that your chosen solicitor is on the HSBC panel, your broker should be able to confirm on Monday that you won't have to pay any separate £295 charge for conveyancing. All your conveyancing fees will be included in your solicitor's quote.

This is from the HSBC website https://www.hsbc.co.uk/mortgages/fees/ 

Thank you. I was told by my solicitor when I checked this up front, that they are on Hsbc's panel so I'm hoping LMS' only involvement is only a standard thing for all HSBC mortgages when an offer is sent out. 

K_S

poshboy said:

K_S said:

poshboy said:

Ok so this has moved on a bit today in that my solicitor has confirmed that LMS have sent them the mortgage offer and because they're involved my solicitor will charge me an additional small fee which is fine but they are unsure about the £295 charge. I have to wait until Monday to discuss with my broker but I'm getting more concerned I'm going to have to pay this £295 charge.

@poshboy Assuming that your chosen solicitor is on the HSBC panel, your broker should be able to confirm on Monday that you won't have to pay any separate £295 charge for conveyancing. All your conveyancing fees will be included in your solicitor's quote.

This is from the HSBC website https://www.hsbc.co.uk/mortgages/fees/ 

Thank you. I was told by my solicitor when I checked this up front, that they are on Hsbc's panel so I'm hoping LMS' only involvement is only a standard thing for all HSBC mortgages when an offer is sent out. 

@poshboy As I understand it, LMS is just a standard conveyancing panel that multiple lenders use including HSBC, NatWest, Virgin, etc. The other big one is LenderExchange which is used by Halifax, Nationwide, etc.