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Law Society of Scotland challenges HSBC mortgage system
14th February 2012
The Law Society of Scotland has warned that hundreds of house sales are in jeopardy under a new mortgage system being used by a prominent high street bank.
Legal experts representing the professional governing body for Scottish solicitors believe the new conveyancing panel system put in place by HSBC limits the firms that carry out its legal work.
They believe the paperwork in place was based on English law, not Scots law and have called on the bank to suspend the system, less than a month after it was set up.
Under the current arrangement, only a selection of law firms may carry out security work for HSBC, whilst customers who want to use their own lawyer through a face a charge, whereas previously any law firm could represent both the purchaser and mortgage lender.
The organisation is highly regarded in Scotland whilst regulating and representing all practising solicitors in Scotland, accepting only the very best of those searching for solicitor jobs.