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The Law Society, in conjunction with trade associations across the legal and leasehold sectors has revised the leasehold property enquiries form LPE1 now published in its second edition. The new version of LPE1 is for use from 1 October 2015. In addition a new leasehold form has been released for a summary of buyers leasehold information (form LPE2).
The amendments to form LPE1 have been made to:
The new buyers leasehold information summary (LPE2) follows recommendations from the Competitions and Market's Authority Leasehold Study which looked to find ways of improving the information given to buyers of leasehold property about the financial obligations they were taking on.
Law Society president Jonathan Smithers said:- “This updated version of the form, with more industry bodies endorsing it, should increase its reach and effect bringing advantages to all involved in leasehold transactions, including managing agents and landlords, solicitors and conveyancers and, of course, most importantly, buyers and sellers.
“It is important that buyers have a proper understanding of the financial commitment they are taking on when they buy leasehold property. I hope that wider use of the new version of the enquiries will assist the supply of that information in a consistent form making it easier for those representing buyers to give them the information they need.
The Law Society will make every effort to encourage the widest possible use of the new enquiry form amongst its members.”
Those involved included the British Property Federation, the Royal Institution of Chartered Surveyors and the Association of Residential Managing Agents.
Both forms are available for use in FormEvo (special licensing conditions apply to Law Society forms)
