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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10344
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My mortgage provider, Santander, has sent the money to HSBC,

Customer Question

My mortgage provider, Santander, has sent the money to HSBC, ready to exchange contracts last Friday. hat didn't happen because the money went into a holding account at HSBC, allegedly for "security checks". Santander say that HSBC won't talk to em about it.
Is this normal?
How do I get things moving ahead, and make HSBC discuss what they did with Santander's money, so we can exchange contracts and move house asap?
I'm told that unless there has been a mistake, I'm liable for any costs incurred (plenty). How can that be, when Santander and HSBC are responsible?
Thanks.
Sam Tremayne
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

I take it that HSBC is your Soliciotrs Bank?

I look forward to hearing from you.

Al

Customer: replied 1 year ago.

Hi Al

Yes, HSBC is our soliticor's bank. They are giving minimal information to Santander and to our solicitor, citing security reasons why they can't go into detail.

One major high street bank making a payment to another, clearly for a mortgage, doesn't strike me as a potential drug deal flag, so we are at a loss to understand a) why this is happening and b) why nobody will tell us when the money might be cleared. Meantime, nobody is moving and we are incurring costs which, naturally, we will be seeking to reclaim from HSBC who are causing the problem.

Thanks for helping with this.

Sam

Expert:  Aston Lawyer replied 1 year ago.

Hi Sam,

Thanks for your reply.

Sadly, the same issue has happened to me on more than one occasion when we have sent Purchase monies to another Solicitors HSBC Bank.

Having spoken to the Solicitors at the time, they informed me that HSBC had done this on more than one previous occasion and each time, would not release the monies until their security check had been finished. Although it is no consolation to you, I have not heard or come across any other Bank that does this!

In my cases, we were meant to complete on the Friday and HSBC eventually released the monies on the Monday and the other time, HSBC held money for 5 days. Therefore, you are very much in the lap of the gods as to how quickly HSBC release the monies.

Basically, as I think you are aware, HSBC place the monies in a holding account, pending their checks, and I'm afraid there is absolutely nothing Santander can do to speed matters up. However, your Solicitor should be putting pressure on HSBC to release the funds into their client account. From your point of view, you will of course need to demand that your Solicitor pay any interest and any charges incurred by you in completing late, and it is then up to your Solicitor to recover these costs from HSBC. For what it is worth, luckily, under the terms of your Purchase Contract, you will have 7 days to complete the purchase,so not all is lost, as I would certainly hope that HSBC release the funds by tomorrow or Wednesday at the latest.

In the meantime, I am afraid you are going to just have to wait until HSBC complete their check- the infuriating thing is that HSBC do these checks randomly.

Sorry I can't be any more positive than this, but I am just letting you know the legal position.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10344
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi Al

Thank you for the speed of your response, and for spelling out how HSBC operate. Your help was much appreciated.

Best regards,

Sam

Expert:  Aston Lawyer replied 1 year ago.

Hi Sam,

Many thanks fo ryour positive feedback.

Why HSBC does this- especially as it is going into a Solicitors account, we just don't know, but it looks like they are doing it more and more.

I just hope hope the funds get released sharpish, for you.

Kind Regards

Al

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