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Buying with an HSBC mortgage - choice of solicitors restricted now!

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  • Buying with an HSBC mortgage - choice of solicitors restricted now!

    HSBC will only instruct 43 firms in England & Wales to do the conveyancing work on residential mortgages.

    This means you either use one of their solicitors who may not be local, or the kind you would choose, or pay more and experience delay while their solicitor "Checks" what your solicitor does.

    More explanation at: HSBC restricts buyer solicitor choice
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

  • #2
    Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

    But if the mortgage product is competitive what is the real problem to the buyer?

    Our last residential mortgage was taken out with HSBC as they were offering the best deal at the time. Beating anything a broker could come up with back then.

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    • #3
      Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

      In the long term it may be worthwhile to have the HSBC mortgage if the terms are competitive.

      All I am saying is that you either use one of their 43 chosen solicitors to work for you or you will face delays and extra cost while their own conveyancers check what your solicitors do.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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      • #4
        Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

        I'm so glad that I stumbled upon this forum. It's really helpful, so thanks guys and gals!
        I asked the mortgage specialist about the 192 'smack' for not using their solicitors and he sheepishly acknowledged that it was true. I then asked him if there were other 'hidden' cost to which he said "No".
        My questions (1) Are there any further charges for their fee-free mortgages? (2) What the pros and cons of getting the mortgage done through their telephone team?
        BTW, the offer on the repo has been accepted and I was advised by the mortgage specialist to apply for it over the phone.
        Please advise.
        Ta.

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        • #5
          Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

          Contact them and ask for a list of all charges. Lenders change their products very regularly so without speaking to them and asking them to confirm what you are expected to pay, you'll not get an accurate answer IMHO.

          Since the crash HSBC have become more interested in the UK mortgage market and are now usually very competitive as is their subsidary first direct. So the solicitor issue isn't a real problem IMHO.

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          • #6
            Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

            HSBC cannot accommodate request to wrap up in 28 days. Is this because we are only borrowing £16.5K? We've told them we've got a deposit of £60K for a house we are buying for £76,500K?

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            • #7
              Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

              I asked the mortgage specialist about the 192 'smack' for not using their solicitors and he sheepishly acknowledged that it was true. I then asked him if there were other 'hidden' cost to which he said "No".
              HSBC cannot accommodate request to wrap up in 28 days.
              Not only do you have to pay the extra £192 if you do not use their solicitors but also you could face significant delays whilst HSBCs conveyancers ask loads of unnecessary questions.
              RICHARD WEBSTERwww.rwco.co.uk
              As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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              • #8
                Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

                The latest development with the mortgage saga...
                Went to Halifax and everything was hunky dory until this morning... was told to pay exit fee at the same time as the mortgage. This is absolutely nerve wrecking.

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                • #9
                  Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

                  was told to pay exit fee at the same time as the mortgage.
                  Some lenders offer special interest rates for a period and if you pay off the loan during that period then you have to pay an early repayment or "exit" fee. Is that it?

                  If so, and you want to be able to sell within the special rate period, then go for a deal that doesn't have that feature.

                  HSBC cannot accommodate request to wrap up in 28 days.
                  Do you mean complete the purchase of the property in that time? if so, have you already got solicitors carrying our searches and checking legal stuff for you so that you are only waiting for the mortgage offer?
                  RICHARD WEBSTERwww.rwco.co.uk
                  As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

                  Comment


                  • #10
                    Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

                    The fees which Halifax charges:
                    £265 for valuation
                    £264 for arrangment fee
                    No exit fee
                    3% early repayment in the first year
                    2% early repayment in the second year.
                    We're on a 2-yr fixed rate of 3.39% over a 5 year term.
                    The saga thus far:
                    Survey is done. No probs. Solicitors in contact with vendor's solicitors. Now just waiting for transfer of funds, exchange of contracts. Fingers crossed.
                    Would be half-way through if not for HSBC faffing around! Hey ho!

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                    • #11
                      Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

                      Hi People,
                      Can any shed light on "engrossment fee"? We've just been charged £90 by Ison Harrison as part of the conveyancing process. This fee was not listed in the itemised bill.
                      Thanks for any answers.

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