The Society for Licensed Conveyancers is the representative body for licensed conveyancers. Speaking to Today’s Conveyance a spokesperson for the SLC has aligned itself with the concerns of the Law Society saying:
“We have been contacted by many of our members expressing great concern at the introduction by HSBC of such a limited panel of firms. This will lead to many clients having to pay additional fees because there will now be separate representation in a large number of cases, where HSBC is providing the mortgage.”
On the same day The Telegraph reported on HSBC plans to significantly increase its market share with Harry Wilson in The Telegraph commenting:
“The bank said it expected to help about 150,000 people to buy a house in 2012, including more than 27,000 first-time buyers to whom it intends to make £3bn of new borrowing available.
Lending the money is expected to increase HSBC’s share of the mortgage market to about 11pc, equivalent to the largest share of the market the bank has ever recorded.”
The spokesperson for the SLC went on to say
“We look forward to the opportunity of demonstrating the new SLC Quality Assured (our lenders panel proposition) to the HSBC in the spring. This will give the Bank the option of expanding its panel to include the whole community of Licensed Conveyancers. Licensed Conveyancers are known by lenders to carry lower risk in respect of mortgage fraud and SLC Quality Assured will provide even greater protection for both the client and mortgage lender. Whilst it is gratifying to see that HSBC has four Licensed Conveyancer firms on its panel, the Society wishes to see this extended to all our members in time.”
It will be interesting to see if the SLC is able to persuade HSBC that the SLC Quality Assured panel proposition should sit alongside the CQS when launched and become a prerequisite for CLC regulated panel members.