HSBC Conveyancing Panel : Questions and Answers from members of the public
I instructed a firm of solicitors to conduct the legal paperwork on my house purchase 5 weeks ago having applied for a mortgage with HSBC. The solicitors reassured me that they are on HSBC conveyancing panel and advised me their panel reference. HSBC then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the conveyancing panel for HSBC?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the HSBC conveyancing panel You may wish to enlist the help of your broker to check with the HSBC as to the time frame to get your lawyer reinstated on the panel once again.
My wife and I intend to remortgage our apartment with HSBC. We have a son 18 who lives with us. The solicitor on the HSBC conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to HSBC .This is solely used to protect the HSBC if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of HSBC had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I note that you have a search directory listing law firms on the HSBC conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my lawyer’s firm is suspended from the HSBC Conveyancing panel before the completion date?
First, this is very unlikely to happen. 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.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with HSBC. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with HSBC involved you will need to appoint a solicitor on the HSBC conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to HSBC. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the HSBC conveyancing panel.
We were going to get 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.
HSBC have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up HSBC or your broker and complete any relevant paperwork. HSBC will tell you what documents they want. HSBC will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. HSBC will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.