HSBC raises maximum loan threshold for dual representation by sole practitioners
31 January 2017
On January 30th 2017 HSBC made a change to their Residential Purchase Conveyancing Policy, increasing the maximum loan threshold for CQS and CLC sole practitioner firms to act for both the customer and the bank via dual representation.
The threshold has increased from £150,000 to £350,000.
This change applies to new applications from that date.
There is some confusion in relation to the Law Society's CQS scheme because of a report in the Law Gazette. Licensed Conveyancer firms can act in HSBC cases in the same way as Solicitor firms that are part of the Law Society’s CQS Scheme. Licensed Conveyancer firms do not need any accreditation beyond their status as regulated by the Council for Licensed Conveyancers.
HSBC tells us that, for customers who have already completed an application prior to 30th January 2017, and their choice of conveyancer meant separate legal representation was required, they will continue with their original conveyancing choice based on the £150,000 threshold.
Sheila Kumar, Chief Executive of the Council for Licensed Conveyancers said: 'The CLC is very pleased that HSBC treats Licensed Conveyancer firms on an equal footing with Solicitor firms that are part of the CQS. Licensed Conveyancers do not need a CQS-style accreditation scheme because they are by their nature specialists, benefiting from specialist training in Conveyancing and operating within a system of tailored regulation.'