Mis-sold Mortgage Claims > Mortgage News
Solicitors Criticise Conveyancing Panel Set Up to Reduce Mortgage Fraud
Thu, 19 Jan 2012
There has been a high level of criticism from high street solicitors relating to the HSBC's decision to use conveyancers from a select panel, stating that this will result in less mortgage fraud, lower costs and fewer delays for consumers.

The Bold Group, a national network which represents high street law firms, has already received numerous complaints following HSBC's launch of its conveyancing panel last Monday.

There are 42 law firms on the panel which is being managed by Countrywide.

Customers are still able to use their own solicitor or conveyancer, however, the HSBC uses the panel to undertake its own legal needs.

Rob Hailstone, founder of The Bold Group stated that since the launch, many high street solicitor firms have made contact to express their anger over the lender's decision to use this panel.

He said: "It's understandable that many law firms feel both threatened and angry about this. HSBC's decision will not only cause concern among conveyancing law firms but it will result in increased costs and delays for consumers as well as alarming the thousands of estate agents operating in the UK."
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