HSBC introduces approved firms' list for conveyancing

Julia Kollewe
estate agents
estate agents

PA

Homebuyers who want a mortgage with HSBC will have to use one of 43 firms approved by the bank to do their conveyancing - or pay more for their legal work, the Guardian reported. Until now, customers could choose their own legal firm which would also act for HSBC.

The lender changed its rules following warnings over mortgage fraud from the National Fraud Authority, which estimates fraud totals £1 billion a year.