The petition was set up by founder of The Bold Group, Robert Hailstone.
The national network of high street law firms said it received an unprecedented number of calls and emails from its members, all seeking advice as well as an avenue to vent their frustration when HSBC slashed its panel in January.
The e-petition claims that many home buying consumers would be penalised financially for insisting that they were allowed to use their preferred lawyer or law firm if they were not one of the few on the new HSBC panel.
It also claims that conveyancing transactions would be made more complicated, more stressful and more costly and the chances of sales and purchases falling through unnecessarily would increase.
Hailstone said: “As the new rules introduced by HSBC begin to bed down more and more parties involved in home buying and selling, including estate agents and financial advisers, are beginning to appreciate how cumbersome and dangerous they are.
“Not only do they lead to delays and increased stress but they are also likely to cause more transactions to abort. That should mean that more people will sign the e petition.
“HSBC and its panel manager Countrywide need to go back to the drawing board soon. They are alienating lawyers, estate agents, financial advisers and even their own customers.”
