HSBC Solicitor Panel Sample Enquires to our Call Center from members of the public
Is there a reason why all UK lawyers aren't included on the HSBC Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Please help. My conveyancer is advising me that he is legally obliged to conduct a Local Authority search as the firm are on the HSBC approved lawyer panel. Is my lawyer correct?
You have limited options available to you. Given that you are taking out a loan with HSBC your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of HSBC’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated HSBC. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I require the services of a HSBC panel solicitor in Inverness. Could you help me?
It is not clear why you need a HSBC panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to HSBC to find out which solicitors in HSBC are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC?
There is nothing to stop you using your solicitor but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the HSBC conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I am about to exchange contracts on a purchase with a mortgage from HSBC. The report from my solicitor mentions that HSBC could withdraw their offer before completion. Is this right?
Banks and Building Societies such as HSBC can revoke their mortgage offer although this is unusual. should HSBC withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Where information comes to HSBC ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- HSBC may amend or withdraw an offer if the HSBC conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. HSBC may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the HSBC has been notified
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
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.