The Law Society and HSBC are in the final stages of agreeing the processes that will ensure that the bank’s systems incorporate all Conveyancing Quality Scheme (CQS) firms onto its mortgage conveyancing panel.
The new process, agreed in May, will be rolled out across England & Wales on the 29th August following a pilot of the initiative.
The details are as follows:
The Law Society and HSBC are now in the final stages of agreeing the processes for ensuring that bank’s systems to incorporate Conveyancing Quality Scheme (CQS) firms onto its mortgage lending panel following the agreement reached with HSBC earlier this year.
The new process for delivering what has been agreed will be piloted through a small number of HSBC branches from the 14th August and rolled out across England & Wales on the 29th August.
The Society and HSBC want to ensure that the new arrangement proceeds as smoothly as possible, making the change over and future customer experience trouble free. HSBC are also instigating a training programme for all front-line staff to ensure they understand the new option and how to communicate it to customers. Particular attention is being paid to the setting out of the various conveyancing options HSBC will offer its customers.
Transitional arrangements will be put in place and the date when CQS members can start acting for the bank will be linked to the customer application date. However, only new customer applications completed on or after August 29 will be conducted under the new conveyancing process. HSBC mortgage customers who have already completed their application before this date will not benefit from the new arrangements.
Although the new panel will not be fully up and running until August 29, HSBC will make customers who are applying for a mortgage shortly before this date aware of the change.
Both HSBC and the Society are looking forward to the new option being available to HSBC’s mortgage customers in advance of the autumn property market.