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Ready to buy a new home? Failing to check that a lawyer is on the HSBC list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the HSBC Bank plc Conveyancing Panel? How can my firm be reinstated onto the HSBC Bank plc Conveyancing Panel?Find an Approved Solicitor on the HSBC Bank plc Conveyancing Panel
Frequently asked questions relating to the HSBC Conveyancing Panel
I would like to know the reason why all UK lawyers aren't included on the HSBC Conveyancing panel?
HSBC and other lenders normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that HSBC have no responsibility for the quality of advice provided by any member of HSBC Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Our solicitor has identified a legal deficiency with the lease for the flat we are buying. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the HSBC conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is HSBC?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and HSBC are the client. A precondition to being on the HSBC approved panel is to comply with the CML Handbook requirements (last updated for this lender on HSBC). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that HSBC can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do I need to have a meeting at the offices of the HSBC conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London
so that I can attend their offices when needed.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
My lawyers in Leeds have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with HSBC. Is it case that being on the HSBC conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the HSBC Conveyancing Panel Terms. It might be worth you contacting HSBC directly.
I previously instructed online conveyancers based in London who are on the HSBC solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the HSBC mortgage. Is this an additional conveyancing fee set by HSBC?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by HSBC but by your lawyers. Some firms on the HSBC will charge an ‘acting for lender’ fee and others do not.
We have agreed a price on a flat I spoke to a lawyer previously used by my uncle and he advised instructing a property lawyers approved by HSBC. The estate agent recommended two local firms so I asked HSBC if the 2 suggested solicitors are approved, which they are not. HSBC suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of HSBC 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of HSBC to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the HSBC conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto HSBC conveyancing panel as it may only take about 2-3 weeks. As long as they meet HSBC’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My brother and I are buying a house in Hendon. Conveyancing solicitors in Hendon need to beinstructed. My brother-in-lawrecommended that we double-check that the property lawyer in Hendon is on the HSBC approved list of lawyers. Is this really necessary?
Not all Hendon conveyancing practices are on the HSBC conveyancing panel. 5 people a month use our search tool to find a Hendon conveyancing firm on the on the HSBC approved list of lawyers.
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Transfer of Equity for HSBCPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors