HSBC is setting up a conveyancing panel on 9 January.
The panel of solicitors and licensed conveyancers will be introduced to provide the required legal services to HSBC’s home buying mortgage customers.
Customers using one of the panel firms will have access to fixed fees. They will still be free to use their own solicitor or conveyancer to act for them, but HSBC will use a panel firm to undertake its own legal requirements.
Previously the customer’s conveyancer has usually undertaken both parties’ legal work. Should a customer choose a non panel firm this new process will separate the two pieces of legal work, however, as before, the customer will pay for both.
HSBC has selected Countrywide to manage the panel of solicitors and licensed conveyancers. If a customer elects to use a member of the panel, the bank will use the same firm.
Peter Dockar, head of mortgages at HSBC, said: “Our new panel arrangement will spare customers the time and hassle of searching for a firm to do the important conveyancing work on their new property.