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HSBC introduces approved solicitors list for conveyancing

Homebuyers who take a mortgage from HSBC will be forced to use one of a panel of 43 firms approved by the bank, to do their legal work,. Or face paying more for their conveyancing, after a change in the lender's rules. Previously, customers could choose their own conveyancing solicitor and the firm would act for HSBC and the buyer.

However, after warnings over mortgage fraud from the National Fraud Authority, an instruction from the Financial Services Authority telling lenders they need to know the firms they work with better, HSBC has announced this will no longer be an option.

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. The bank said it would consider applications from firms who wanted to be added to the panel. All firms on the panel are all approved through the Law Society's conveyancing quality scheme.

The bank will offer customers a fixed fee to cover the cost of its legal work and their own, this will range from £399 on a property costing up to £100,000 to £549 on one costing between £300,000 to £500,000.

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