Introducing the 'approved solicitors panel' for conveyancing... brought to you by HSBC

After a change in the lenders rules regarding HSBC's mortgage policy, homebuyers who take a mortgage from HSBC will be forced to use one of a panel of 43 firms chosen by the bank to do their legal work, or face paying more for their conveyancing.

Prior to this announcement, customers were able to choose their own legal representation and their chosen firm would also act for HSBC. However, after receiving warnings over mortgage fraud from the National Fraud Authority and an instruction from the Financial Services Authority telling lenders they need to know the firms they work with better, HSBC has announced this will not be an option.

Instead, borrowers can opt to have one of the panel do their legal work too, at a fixed cost, or choose to use their own solicitor and pay a separate fee of £192 (£160 plus VAT) for HSBC's lawyer. In most cases that will be more expensive than using the panel.


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