The Law Society has called upon solicitors to write to their local papers to highlight how HSBC’s recent decision to cut its conveyancer panel to 43 is having a detrimental impact on the local community.
The chief executive of the Law Society, Desmond Hudson, wrote a letter to members of the society updating them on “the situation with HSBC”.
In the letter Hudson said that evidence of delays was emerging from homebuyers using HSBC and that estate agents were beginning to associate HSBC mortgage customers with hold ups to the process which threatened what was very delicate property chains.
He said: “We are aware that some estate agents are advising caution to consumers who are considering an HSBC mortgage.”
Hudson added that The Law Society was also aware that many clients had made the decision to walk away from HSBC without any input from their solicitor as they had witnessed firsthand the difficulties of negotiating the increasingly complex process which was an inevitable result of HSBC’s decision to limit the panel.
He said: “What is emerging is that the efforts of the profession and the Society combined are ensuring that consumers, politicians, HSBC customers and other bodies are becoming more aware of the detrimental impact of HSBC's actions.
“It is important that we all maintain this pressure and I would encourage anyone who has not yet done so to contact their local MP. Our regional managers are very aware of the issues and can provide additional information should you require it.
“We will continue to highlight these issues and concerns in the media, particularly the lack of local access as a result of a 43 firm panel. I would encourage you to write to your local paper to highlight the impact on your local community.
“I am aware that further versions of undertakings have now been issued which I hope will address previous held concerns. Clearly we will continue to consider any issues raised by the profession.
“The Law Society will continue to prioritise this issue both through dialogue with HSBC and suitable lobbying.”
