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You want to buy a house. You go and see your lender and arrange a mortgage. You go and choose a Solicitor. The lender tells the Solicitor that funds are available. You buy your house. Simple!!
Not quite. First of all did you know that your Solicitor is also acting for the lender. Your Solicitor has obligations and duties owed to the lender in relation to the amount of money borrowed and the security that the property offers.
Many lenders operate a panel system which involves allowing only certain firms to undertake work on behalf of the borrower and the bank-or the borrower pays twice-for the bank's solicitors and for their own.
HSBC operates a panel of 43 throughout Great Britain. The panel is orgainised by Countrywide-a firm of licensed conveyancers.
The lie told by HSBC to customers who query when offered a loan why they cant use their own Solicitor is to be told that they can and that things should move along a lot easier as HSBC's legal advisers will be doing most of the work anyway. This is not true. It is not true that most of the work is done by HSBC's legal advisers and it is not true that HSBC's insistence on this process doesn't cause delay.
Stories about this have appeared in the Guardian and Which?, The Consumer Group havs also raised concerns.
The Law Society Gazette has covered the story but the truth is HSBC don't really give a damn about the lender. The only public comment was the press release about the launch.
Campaigning against this unnecessary restriction on choice is the Bold Group which has started an epetition.
Why does it matter? If you wish to call in to see your Solicitor you will have to travel a fair distance to see them. You will only be able to meet face-to-face if you happen to live near one of HSBC's panel firms or you are willing to travel. Otheriwse its the telepehone or email or maybe an internet portal so you can review the progress. If this method of working suits you then fine. But many people prefer to be able to call in and see their Solicitor and HSBC's system takes away that choice.
There are plenty of alternatives to HSBC if you wish to take out a mortgage to buy a property.
You want to buy a house. You go and see your lender and arrange a mortgage. You go and choose a Solicitor. The lender tells the Solicitor that funds are available. You buy your house. Simple!!
Not quite. First of all did you know that your Solicitor is also acting for the lender. Your Solicitor has obligations and duties owed to the lender in relation to the amount of money borrowed and the security that the property offers.
Many lenders operate a panel system which involves allowing only certain firms to undertake work on behalf of the borrower and the bank-or the borrower pays twice-for the bank's solicitors and for their own.
HSBC operates a panel of 43 throughout Great Britain. The panel is orgainised by Countrywide-a firm of licensed conveyancers.
The lie told by HSBC to customers who query when offered a loan why they cant use their own Solicitor is to be told that they can and that things should move along a lot easier as HSBC's legal advisers will be doing most of the work anyway. This is not true. It is not true that most of the work is done by HSBC's legal advisers and it is not true that HSBC's insistence on this process doesn't cause delay.
Stories about this have appeared in the Guardian and Which?, The Consumer Group havs also raised concerns.
The Law Society Gazette has covered the story but the truth is HSBC don't really give a damn about the lender. The only public comment was the press release about the launch.
Campaigning against this unnecessary restriction on choice is the Bold Group which has started an epetition.
Why does it matter? If you wish to call in to see your Solicitor you will have to travel a fair distance to see them. You will only be able to meet face-to-face if you happen to live near one of HSBC's panel firms or you are willing to travel. Otheriwse its the telepehone or email or maybe an internet portal so you can review the progress. If this method of working suits you then fine. But many people prefer to be able to call in and see their Solicitor and HSBC's system takes away that choice.
There are plenty of alternatives to HSBC if you wish to take out a mortgage to buy a property.
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