HSBC should substantially increase the number of law firms on its new panel
Responsible department: Her Majesty's Treasury
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.
Many home buying consumers will be penalised financially for insisting that they are allowed to use their preferred lawyer or law firm if they are not one of the few on the new HSBC panel. The disabled, those living in rural areas or even those wishing to use their family solicitor will have little or no choice. Conveyancing transaction will be made more complicated, more stressful, and more costly and the chance of sales and purchases aborting unnecessarily will increase.
This new policy will not just adversely affect a property buyer with an HSBC mortgage but everyone in that particular chain of transactions, including estate agents and financial service providers.
The Government should put pressure on HSBC to reverse its decision.
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