SLC calls on other lenders to follow HSBCs lead.

SLC calls on other lenders to follow HSBCs lead.

The Society of Licensed Conveyancers today called on all mortgage lenders to follow the lead given by HSBC in allowing all firms that are regulated by the Council for Licensed Conveyancers (CLC) to act for them as well as the buyer in property purchase transactions. The Society stated in its press release that "Whilst the great majority of lenders accept Licensed Conveyancers to their panels, there remains a small minority that still discriminate against licensed conveyancing firms without foundation."

With effect from 15th October 2014 all CLC regulated firms will be able to act for HSBC based on regular data feeds from the CLC that keeps them fully up to date with the status of regulated firms.

Simon Law, Chairman of the SLC said ‘whilst it has taken a long time for HSBC to arrive at this position, the Society is delighted with the outcome.We recognise that a lot of time and effort has been expended by the Bank and the CLC in reaching this agreement. We believe that it fully recognises the status of Licensed Conveyancers as well regulated and low risk providers of conveyancing services.

Further we believe it provides a model that all mortgage lenders can follow in how they treat Licensed Conveyancers acting for them. It is well known that Licensed Conveyancers represent a much lower risk in the conveyancing process and this warrants recognition by lenders in the way they manage their conveyancer panels.’

The SLC affirms it will continue to press for all mortgage lenders to allow all firms regulated by the CLC to act for them without restriction.

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