Home buyers who use HSBC to fund their property purchase will soon be able to use a much wider range of solicitors after the bank agreed to expand the panel of law firms which are able to carry out conveyancing for them.
The bank had previously restricted borrowers to using a solicitor from a panel of just 43 conveyancing firms across England and Wales.
Today, HSBC has announced it will widen its panel to include law firms which carry the Law Society’s Conveyancing Quality Scheme accreditation. This will give home buyers who use HSBC a much wider choice of some 1,419 firms who carry this standard, in addition to the original 43 panel members.
The Law Society’s Conveyancing Quality Scheme (CQS) was introduced to enable movers to easily identify the best property solicitors in their local area, so that they can be assured of an excellent level of service and advice when carrying out their sale or purchase.
Stephensons Solicitors LLP was among the first 500 firms to successfully secure the accreditation after a rigorous assessment of the firm’s policies, quality control and procedures.
Tom Bridge, managing partner of the Residential Property department Stephensons, said: “This decision to expand the panel comes after a four month campaign by firms like Stephensons, organisations such as The Bold Group and lobbying by the Law Society.
“Our concern was that home buyers would be restricted on their choice of solicitor and transactions would take longer because of the small number of firms on the original panel. Home buyers who wanted to use their own solicitor would also have to pay a fee to do so.
“We are delighted that HSBC has provided more choice for its customers when price and quality or service are such deciding factors in the current economic climate. The new arrangement comes into force in August and from then, all firms with the CQS standard can act for HSBC and the home buyer.”
HSBC said it set up the panel to protect itself and its customers. Martijn van der Heijden, head of Lending at HSBC commented: “We introduced our panel in January to provide additional protection for both our customers and the bank. We listened to feedback from customers and solicitors, and through working with the Law Society can now agree to more solicitors acting for us while also managing our risks and maintaining the unique benefits of using one of our panel solicitors.
“We are committed to helping our home-buying customers and have set aside £15 billion to lend in residential mortgages this year.”
Law Society chief executive Desmond Hudson said: “With this move HSBC is demonstrating its commitment to putting customers first, as well as its confidence in the CQS scheme. The bank has been constructive in working with the Law Society, in designing this solution. As well as giving its customers a much wider choice of solicitor that can also act for HSBC, it has aligned itself further with the CQS and the high standards the scheme represents.
“HSBC’s willingness to engage with us has helped secure a good outcome for their mortgage customers, our CQS members and the house-buying public.”
Stephensons has been helping people to move home for almost 35 years and offers a personalised service. During the process, each client is given a dedicated case manager to ensure they are always kept up to date with what is happening.
In addition, Stephensons offers the ability to track the progression of property transactions online 24 hours a day using the innovative My Case system via www.stephensons.co.uk. The innovative law firm has a dedicated website for conveyancing, which includes an instant quote calculator and advice on the varying types of sales and purchases. For more information, visit www.5starconveyancing.co.uk.
ENDS
Notes to editors
- Stephensons undertakes all areas of residential conveyancing including sales, purchases and re-mortgages. The firm’s experienced residential property team acts for local private clients and those referred by local estate agents.
- Stephensons is a North West regional law firm with a national reputation and reach. For more information visit www.stephensons.co.uk.
Media information: Lianne Tracey
Stephensons Solicitors LLP
T: 01616 966 229
E: lianne.tracey@stephensons.co.uk