Customers will continue to be free to use their own solicitor or conveyancer to act for them but HSBC will use a panel firm to undertake its own legal requirements.
Previously the customer’s conveyancer has usually undertaken both parties’ legal work.
Should a customer choose a non panel firm, the new process will separate the two pieces of legal work however the customer will pay for both.
Countrywide will manage the panel of solicitors and licensed conveyancers. If a customer elects to use a member of the panel, the bank will use the same firm.
Peter Dockar, head of mortgages at HSBC, said: “Our new panel arrangement will spare customers the time and hassle of searching for a firm to do the important conveyancing work on their new property.
“Customers who choose to use a firm on the panel can benefit from agreed conveyancing costs as well as valuable guarantees should the seller pull out. We also believe this will provide additional protection for our customers and HSBC.”
Paul Creffield, corporate operations director at Countrywide, said: “We are delighted to have been selected by HSBC to manage their conveyancing panel management operations.
“We have the scale to deliver bespoke in-house conveyancing solutions and welcome the opportunity to work with HSBC to safeguard its home buying mortgage customers and minimise any potential risk to the bank.”
