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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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Examples of recent questions relating to the HSBC Conveyancing Panel
My husband and I are novices when it comes to buying a property. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. HSBC have this afternoon contacted us to advise us that they have now hit a problem as our solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact HSBC and see if they can apply for membership of the HSBC conveyancing panel, but if that is not viable HSBC will instruct their own solicitors to act. You don't have to instruct a firm on the HSBC conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Expecting to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for HSBC. What does the insurance need to cover?
All property lawyers on the HSBC conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in HSBC’s Part 2 requirements of the CML Handbook (last updated on HSBC). Being on the HSBC conveyancing panel your lawyer is expect to follow these requirements.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the HSBC conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for HSBC ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC?
In theory, you could use a solicitor that is not on HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
What are the common reasons for a lender such as HSBC to withdraw a mortgage offer?
Banks and Building Societies such as HSBC can withdraw their mortgage offer although this rarely happens. should HSBC withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- 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.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where to proceed with the Mortgage offer would be unlawful
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
We were going to get a DIP from HSBC this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the HSBC recommend a solicitor on the HSBC conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and the HSBC through the process.
My fiance and I are in the process of viewing apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with HSBC
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with HSBC , ask your prospective lawyers check they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
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