I am not well enough to travel far from Northwood. Is there a reason why all Northwood lawyers are not on all mortgage company panels?

Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This led to lenders purging a number of firms from their books of approved solicitors .

Are all Northwood Conveyancing Quality Solicitors on the TSB conveyancing panel?

It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.

When it comes to lenders such as UBS, do Northwood conveyancers incur an annual charge to be on the list of approved solicitors?

We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.

About to purchase maisonette in Northwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Northwood solicitor is on the Leeds Building Society conveyancing panel.

I am purchasing a new build house in Northwood with a mortgage from Chelsea Building Society. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my solicitor about this extras as it would jeopardize my mortgage with Chelsea Building Society. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Due to the encouragement of my in-laws I had a survey completed on a house in Northwood in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks may refuse to give a mortgage on a flying freehold premises.

It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Northwood. Conveyancing will be smoother if you use a solicitor in Northwood especially if they are acquainted with such properties in Northwood.

I am tempted by the attractive purchase price for a couple of maisonettes in Northwood both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Northwood is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Northwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Northwood conveyancing firm to assist?

Where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the price payable.

An example of a Lease Extension matter before the tribunal for a Northwood property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired residue of the current lease was 71 years.