HSBC UK Bank Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with HSBC UK Bank as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from HSBC UK Bank we suggest that you call HSBC UK Bank to check the position.

The answer to this question really depends on the reason that your firm has been removed off the HSBC UK Bank conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the HSBC UK Bank conveyancing panel.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the HSBC UK Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the HSBC UK Bank conveyancing panel to see if you are entitled to a reason.

CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their panels. A number of mortgage companies now use the scheme as the starting point for Panel approval as is the case with Santander.

You should contact HSBC UK Bank to obtain standard documents. The CML Handbook has an express section for lenders to enumerate who to contact to obtain standard documents. HSBC UK Bank in their Part 2’s state: You will need to quote the firm’s HSBC UK Bank solicitors panel number.