HSBC UK Bank Conveyancing Panel Information

Section 16.2.1 of Part 1 of the Handbook applicable to a solicitor on the HSBC UK Bank conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

As is the case with the Law Society the CLC has entered dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as HSBC UK Bank as well as the BSA.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell HSBC UK Bank immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in HSBC UK Bank’s mortgage offer are correct. If they are not, please let HSBC UK Bank know as soon as possible as it will be necessary for HSBC UK Bank to check with the valuer whether the valuation needs to be revised. HSBC UK Bank conveyancing panel solicitors are not expected to assume the role of valuer. HSBC UK Bank are simply trying to ensure that the valuer has valued the property based on correct information. (III) HSBC UK Bank recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. HSBC UK Bank recommend that, if we send a copy of a valuation report that HSBC UK Bank have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from HSBC UK Bank or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the HSBC UK Bank conveyancing panel

CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of firms. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as Santander.

You should communicate with HSBC UK Bank to obtain standard documents. The CML Handbook incorporates a specific question for banks to reveal who to contact to obtain standard documents. HSBC UK Bank in their Part 2’s state: It is likely that you will need to quote your HSBC UK Bank solicitors panel number.