Fridaysmove the online conveyancing provider has developed a novel guarantee to ensure it doesn’t lose clients to HSBC’s own joint representation panel.
In a recent addition to their web pages Tony Lillystone their Legal Manager writes;
“Home buyers in the UK may have read the recent media storm that has erupted from the recent HSBC Bank’s decision to axe thousands of Solicitors’ practices from its Conveyancing Panel.
With every other lender in the UK, the home buyer’s chosen conveyancing solicitor will complete the legal work for both the home buyer and the mortgage lender.
However, this decision will now require HSBC borrowers to use the HSBC Conveyancing Panel (managed by Countrywide) for the mortgage lender’s legal work.
As a result, many home buyers are worried that this could restrict their choice of Solicitor to conduct their own legal work.
Fridaysmove’s Conveyancing Solicitors can act for Home Buyers borrowing from the HSBC
Fridaysmove believe so strongly in our Fixed Conveyancing Fee principle that despite the fact that HSBC borrowers will incurr a fee from the HSBC for £192, we guarantee that our total Conveyancing Fees plus the HSBC’s legal fee will be less than the total fees payable (on completion) to the HSBC panel conveyancer*.
We guarantee that HSBC borrowers will retain the same right to choose the cheapest fixed fee Conveyancing in the UK, as enjoyed by all our other clients.
Fridaysmove never charge additional conveyancing fees above the amount quoted at the start of the transaction. Our Guarantee is based on a like for like comparison of fees to include any or all additional fees that may be levied by the HSBC Panel Solicitor including, but not limited to…” [a long list of items then follow].
Other conveyancers are lobbying to require separate representation in every case whilst the Scottish Law Society is clearly very disappointed that HSBC have sought to impose English Law principles of undertakings on Scottish solicitors.
We find the Fridaysmove type of development very interesting and wonder how other panel managers will react with their panels.