Agents are cautioning over HSBC, says Law Society chief
Friday 23rd March 2012
Estate agents are advising people against using HSBC because of its decision to cut its conveyancing panel to just 42 firms, the Law Society has claimed.
HSBC made the controversial decision in January.
While customers can still choose their own solicitor for conveyancing, HSBC will always use a panel firm for its own legal work, thereby increasing costs for consumers and creating possible delays for those who choose their own firm.
In a letter to members, Desmond Hudson, chief executive of the Law Society, says: “The society understands that a number of estate agents are beginning to associate HSBC mortgage customers with delays to the process, which threaten what are already delicate property chains.
“We are aware that some estate agents are advising caution to consumers who are considering an HSBC mortgage.”
The letter says many of its own members are highlighting to their clients the potential additional costs and delays, and as a result some clients are opting to go to another lender.
The Law Society says it is making headway with its campaign to alert borrowers to the consequences of the HSBC decision, with active lobbying of politicians and consumer groups.
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