HSBC extend panel to all CQS solicitors
All solicitors with the Law Society’s Conveyancing Quality Scheme (CQS) accreditation will now be able to act for both HSBC and its mortgage customers from August, the lender has confirmed.
Earlier this year HSBC announced a restricted panel of around 43 solicitors which it would permit to work for both the lender and the borrower. This meant if the borrowers wished to instruct a solicitor not on the panel, i.e. their family solicitor, they would have to pay for both their own legal fees and the lenders.
The Law Society’s Conveyancing Quality Scheme (CQS), which aims to deter fraud within the conveyancing industry, provides a recognised quality standard for residential conveyancing solicitors.
There is now the possibility that other lenders could also introduce CQS panels with HSBC suggesting just that to the Law Society.
Goldsmith Williams is primed and ready should HSBC’s suggestions come to fruition having first been awarded the CQS accreditation last year. Lynne McCaffrey is the Head of Conveyancing at the Liverpool based firm:
“We are all incredibly proud of our CQS accreditation as it re-confirms the quality work we are producing as well as reassuring customers their conveyancing is in the safest of hands.
“However following HSBC’s announcement this week and with the increased likelihood that this official endorsement could become mandatory for firms acting for lenders in the future, our CQS accreditation is even more significant.
“Unaccredited solicitors are now being forced into playing a game of catch up. Meanwhile Goldsmith Williams is already Champions League material and fully able to meet the requirements of lenders who want to instruct gold star solicitors.”
Content correct at time of publication