HSBC Conveyancing Update | In-Deed Conveyancing
From the 29th August 2012 HSBC admitted all CQS accredited law firms onto their conveyancing panel. This means if you choose a CQS accredited law firm you will no longer need to pay for HSBC to have separate representation and the same conveyancing solicitor can act for both you and HSBC.
In February 2012 HSBC changed their lending rules to protect themselves against mortgage fraud. HSBC mortgage customers had to instruct a conveyancing solicitor from HSBCs conveyancing panel (of which there were only 43 members) or pay £192 for HSBC to have separate representation.
Usually, mortgage lenders have a conveyancing panel of thousands of solicitors meaning that in the majority of conveyancing transactions the same conveyancing solicitor could act for both the lender and the client.
Many customers and conveyancing solicitors complained about HSBCs new lending rules as it often caused added complications, delays and extra expense for everyone involved. This led to HSBC deciding to admit all CQS accredited law firms onto their conveyancing panel.
This change applies for clients submitting mortgage applications after 29th August 2012. If your mortgage application was approved before this date then you will still have to use HSBCs conveyancing service or pay an extra £192 to use your own conveyancing solicitor.
CQS is an acronym of Conveyancing Quality Scheme. CQS was set up by the Law Society as a way of monitoring the quality of the conveyancing service law firms provide. Currently there are just over 1,600 firms across England and Wales who are part of the scheme and many other law firms are waiting for approval.
Yes, all of the law firms we work with are CQS accredited, which means you will not have to pay for separate representation if you use In-Deed for your conveyancing.
Although all our law firms are CQS accredited, one law firm is still part of HSBCs original panel of 43 members. This means that they cannot act for you unless you come to them through HSBC’s conveyancing service. Please call us on 0330 100 2322 if you are getting a HSBC mortgage so we can manually allocate you to the best conveyancing solicitor for your house purchase.
To find out how much your conveyancing will cost with In-Deed get an instant online conveyancing quote.