The UK's independent property information site

Go Back   Home Move: property forum > Property Forums > Buying Property


Buying Property Discussions about buying a house, such as flats, detached homes, and other housing.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 13-02-2012, 07:30 PM
Senior Member
 
Join Date: Apr 2007
Location: Hampshire
Posts: 553
Default Buying with an HSBC mortgage - choice of solicitors restricted now!

HSBC will only instruct 43 firms in England & Wales to do the conveyancing work on residential mortgages.

This means you either use one of their solicitors who may not be local, or the kind you would choose, or pay more and experience delay while their solicitor "Checks" what your solicitor does.

More explanation at: HSBC restricts buyer solicitor choice
__________________
RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
Reply With Quote
  #2 (permalink)  
Old 19-03-2012, 10:33 AM
Member
 
Join Date: Sep 2010
Posts: 47
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

But if the mortgage product is competitive what is the real problem to the buyer?

Our last residential mortgage was taken out with HSBC as they were offering the best deal at the time. Beating anything a broker could come up with back then.
Reply With Quote
  #3 (permalink)  
Old 19-03-2012, 03:16 PM
Senior Member
 
Join Date: Apr 2007
Location: Hampshire
Posts: 553
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

In the long term it may be worthwhile to have the HSBC mortgage if the terms are competitive.

All I am saying is that you either use one of their 43 chosen solicitors to work for you or you will face delays and extra cost while their own conveyancers check what your solicitors do.
__________________
RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
Reply With Quote
  #4 (permalink)  
Old 25-03-2012, 05:46 PM
Junior Member
 
Join Date: Mar 2012
Posts: 10
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

I'm so glad that I stumbled upon this forum. It's really helpful, so thanks guys and gals!
I asked the mortgage specialist about the 192 'smack' for not using their solicitors and he sheepishly acknowledged that it was true. I then asked him if there were other 'hidden' cost to which he said "No".
My questions (1) Are there any further charges for their fee-free mortgages? (2) What the pros and cons of getting the mortgage done through their telephone team?
BTW, the offer on the repo has been accepted and I was advised by the mortgage specialist to apply for it over the phone.
Please advise.
Ta.
Reply With Quote
  #5 (permalink)  
Old 26-03-2012, 09:04 AM
Member
 
Join Date: Sep 2010
Posts: 47
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

Contact them and ask for a list of all charges. Lenders change their products very regularly so without speaking to them and asking them to confirm what you are expected to pay, you'll not get an accurate answer IMHO.

Since the crash HSBC have become more interested in the UK mortgage market and are now usually very competitive as is their subsidary first direct. So the solicitor issue isn't a real problem IMHO.
Reply With Quote
  #6 (permalink)  
Old 31-03-2012, 02:37 PM
Junior Member
 
Join Date: Mar 2012
Posts: 10
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

HSBC cannot accommodate request to wrap up in 28 days. Is this because we are only borrowing 16.5K? We've told them we've got a deposit of 60K for a house we are buying for 76,500K?
Reply With Quote
  #7 (permalink)  
Old 02-04-2012, 12:44 PM
Senior Member
 
Join Date: Apr 2007
Location: Hampshire
Posts: 553
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

Quote:
I asked the mortgage specialist about the 192 'smack' for not using their solicitors and he sheepishly acknowledged that it was true. I then asked him if there were other 'hidden' cost to which he said "No".
Quote:
HSBC cannot accommodate request to wrap up in 28 days.
Not only do you have to pay the extra 192 if you do not use their solicitors but also you could face significant delays whilst HSBCs conveyancers ask loads of unnecessary questions.
__________________
RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
Reply With Quote
  #8 (permalink)  
Old 03-04-2012, 01:22 PM
Junior Member
 
Join Date: Mar 2012
Posts: 10
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

The latest development with the mortgage saga...
Went to Halifax and everything was hunky dory until this morning... was told to pay exit fee at the same time as the mortgage. This is absolutely nerve wrecking.
Reply With Quote
  #9 (permalink)  
Old 03-04-2012, 03:06 PM
Senior Member
 
Join Date: Apr 2007
Location: Hampshire
Posts: 553
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

Quote:
was told to pay exit fee at the same time as the mortgage.
Some lenders offer special interest rates for a period and if you pay off the loan during that period then you have to pay an early repayment or "exit" fee. Is that it?

If so, and you want to be able to sell within the special rate period, then go for a deal that doesn't have that feature.

Quote:
HSBC cannot accommodate request to wrap up in 28 days.
Do you mean complete the purchase of the property in that time? if so, have you already got solicitors carrying our searches and checking legal stuff for you so that you are only waiting for the mortgage offer?
__________________
RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
Reply With Quote
  #10 (permalink)  
Old 13-04-2012, 02:36 PM
Junior Member
 
Join Date: Mar 2012
Posts: 10
Default Re: Buying with an HSBC mortgage - choice of solicitors restricted now!

The fees which Halifax charges:
265 for valuation
264 for arrangment fee
No exit fee
3% early repayment in the first year
2% early repayment in the second year.
We're on a 2-yr fixed rate of 3.39% over a 5 year term.
The saga thus far:
Survey is done. No probs. Solicitors in contact with vendor's solicitors. Now just waiting for transfer of funds, exchange of contracts. Fingers crossed.
Would be half-way through if not for HSBC faffing around! Hey ho!
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


 

» Property Boards
Buying Property Selling Property Estate Agents Solicitors & Legal Builders & Developments
Property Development Home Improvements Buying Property Abroad


All times are GMT +1. The time now is 01:33 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.

Important Notice: HomeMove.co.uk does not provide professional advice on any aspect of buying, selling, developing or investing property. All posts are provided as lay opinions and not personal professional guidance. You should always seek a qualified professional for professional advice in relation to your personal circumstances. The HomeMove.co.uk forums are not monitored, and the site administrators cannot be held liable for the content of the forum. If you have any objection to any post on the forums, please either use the Report Post feature, or else Contact Us to ensure such content is properly dealt with. We are not responsible for third party links on the site.