The Council for Licensed Conveyancers (CLC) and HSBC are now finalising the new process to incorporate all CLC firms within the bank’s mortgage conveyancing arrangements.
This new system was agreed by both parties in July and will be introduced on 15th October 2014. Both the CLC and HSBC want to ensure the new set up causes few disruptions as possible. Therefore in the run up to release, HSBC will ensure customers are aware of the impending changes.
Once in place, it will mean all licenced and regulated firms and conveyancing practitioners will be able to act on behalf of the bank. Sole practitioners however, will be limited to cases not exceeding £150,000 for the time being.
Firms will also be expected to maintain a minimum £2 million Professional Indemnity Insurance (PII) cover at all times, in order to be a part of the process.
Specific dates when conveyancers can act on behalf of the bank will be linked to the customer’s mortgage application. The changes will only apply to mortgage applications made on or after 15th October.
In the meantime, all conveyancing firms and practitioners will need to register on the Lender Exchange for HSBC system. This will allow you to access instructions and supporting documents. Registration details will be sent to you by the CLC the week commencing 6th October 2014. Please do not try to register before receiving instruction from the CLC.
For more details call the CLC in 01245 349599 or email ceo@clc-uk.org.
