Banking giant HSBC revealed this week that it has launched a new service to help its mortgage customers easily navigate the necessary legal services involved in house-buying. HSBC’s new legal panel, comprised of expert solicitors and licensed conveyancers, opens for business next Monday, and aims to provide mortgage customers who have opted to use one of the legal firms represented on the body with a set of fixed and competitive fees, in order to help with more accurate budgeting of the mortgage process. There will also be 24-hour updates on the legal situation as well as a managed services which track the house-buying or selling process. Legal firm Countrywide is the company chosen to head up the panel. If an HSBC mortgage customer decides to use one of the panel members the bank has pledged to use the same firm itself, keeping fees to a minimum. Furthermore, in the event of a house sale or purchase falling through, HSBC said that there will be no charge to customers for any of the legal work which may have taken place up to that point. The bank’s head of mortgages Peter Dockar 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.”
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