HSBC has announced that it will accept all Law Society CQS solicitors on its panel from August 2012.
From August 2012, all solicitors that are accredited with the Law Society’s Conveyancing Quality Scheme (CQS) will be able to act for the bank and its mortgage customers. Previously the bank only used solicitors on its managed panel of conveyancers – borrowers could always use other firms.
Sole practitioners will be able to handle all cases with mortgage values of up to £150,000, although the upper limit will be reviewed with an eye on it being raised.
Expanded panel of conveyancy
Under the new scheme, HSBC customers will be able to chose from three conveyancing options:
- Using the managed panel of HSBC solicitors, which act for the bank and the borrower and have signed up to offering fixed fees among other guarantees.
- Using CQS members who are not on the managed panel.
- Using solicitors and conveyancers who are not on the managed panel or hold CQS accreditation. A charge of £160 plus VAT will be added for a panel firm to complete legal work required by the lender.
Better outcome for customers
Chief executive of the Law Society 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.’