In international news, ""HSBC"":www.hsbc.com/ has announced the formation of a company panel devoted to extending legal aid to its mortgage borrowers in the United Kingdom. The panel, which will be made up of solicitors and licensed conveyancers, will target the provision of required legal services for those purchasing a home mortgage via HSBC.[IMAGE]
HSBC customers will have the option to utilize the new panel when conducting their home loans, and those choosing to take advantage of the panel will have access to competitive fixed fees,[COLUMN_BREAK]
as well as speedy and efficient procedures via the panel's participating firms.
While borrowers will have the ability to choose whether or not they use one of HSBC's provided firms, HSBC will no be committed to undertaking its own legal requirements through the panel members. To manage the panelists, HSBC has established a contract with Countrywide, and in a company statement, HSBC also noted that, should a borrower select a firm within its panel, HSBC will then automatically use the same firm.
Customer benefits given via the panel include protections against property purchases that do not go through, such as the removal of any legal fees in the event a sale doesn't reach completion and free searches for a replacement property within a six month time frame. Additionally, borrowers utilizing a panel firm will gain fixed fees and access to updates around the clock.
Of the new endeavor, HSBC's head of mortgages, Peter Dockar, said, ""Customers who choose to use a firm on the panel can benefit from agreed conveyancing costs as well as valuable guarantees should the seller pull out. We also believe this will provide additional protection for our customers and HSBC.""