Examples of recent questions relating to the HSBC Solicitor Panel from members of the public
For what reasons would a firm of solicitors be removed from the HSBC approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by HSBC
Our son is about to exchange on a newly built flat with a home loan from HSBC. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the HSBC conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
What happens if my lawyer’s firm is expelled from the HSBC Solicitor panel in advance of completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We expect to receive a DIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the HSBC recommend a solicitor on the HSBC conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and the HSBC through the process.
My husband and I are in the throws of looking at houses and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a mortgage with HSBC
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with HSBC , make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I had an offer accepted on a property on the 5th February 2014, valuation was booked 4 days after, received a clean bill of health. Solicitor appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to HSBC and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the HSBC conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyers application to be on the HSBC conveyancing panel. There's no guarantee that your solicitors will be accepted.