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HSBC anticipates that this should help to reduce legal costs of home moving, as it will reduce the need for separate representation. It should also increase flexibility by widening the choice of legal advisers for buyers of properties up to £350,000, who were previously prevented from instructing sole practitioners.
HSBC is ranked in the top 10 of UK lenders by gross mortgage lending*, so the Law Society has welcomed HSBC's actions as recognition of the higher standards demonstrated by practices which have achieved its CQS accreditation.
* based on figures produced by the Council of Mortgage Lenders in July 2016 for lending by CML members during 2015
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An SRA Scam Alert on 30th January involved an email in the name of Andrew Crowell of JMW Solicitors, which contained attachments, purporting to be a memorandum of sale and contract documentation.
The Law Society believes firmly in the importance of access to justice regardless of wealth and social background and this is also the subject of one of five campaigns behind which it is throwing its weight.
HSB Bank has increased the value of properties on which sole practitioners with CQS accreditation are able to act for it from £150,000 to £350,000.
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