Rob Hailstone of The Bold Group is asking law firms to sign his e-petition calling for the Government to put pressure on HSBC to reverse its conveyancing panel decision.
“In January 2012, HSBC reduced the number of law firms that could act for it and the buyer of a property (with an HSBC mortgage) from thousands to just over 40”.
The worry, says Rob, is that home buyers will be penalised financially for insisting that they be allowed to use their preferred lawyer or a law firm not on the new HSBC panel.
Rob believes that conveyancing transactions will be made more complicated, more stressful, more costly and could even increase the chance of an aborted sale or purchase. The knock-on effect is that this will affect estate agents and financial service providers too.
“The reason for doing this is that in nearly 40 years of being involved in the business of home buying and selling I can’t recall an issue that has struck such a raw nerve with so many property professionals and that will adversely affect the home buying and selling public.
The problem with issues of this type, large institutions walking over smaller individuals or businesses, is that in order to tackle them they need unity and action. So many individuals sit back and moan and hope that others will fight the battle for them or simply put their heads firmly in the sand. The e petition (and our HSBC warning posters and leaflets) are an easy way for everyone with an axe to grind to get involved”.
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