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EFIS 81, October 2015 : Conveyancing - LS Transaction

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A consultation process has resulted in minor amendments to the LPE1 form which was originally created in conjunction with stakeholders such as the British Property Federation, the Royal Institution of Chartered Surveyors and the Association of Residential Managing Agents to reduce the time conveyancing practitioners spend obtaining information from management agents and companies in relation to transactions involving residential leasehold property.

In particular, this second edition of LPE1 contains amendments which have been made to:-

(i) reflect changes in the Association of British Insurers' agreements with lenders
(ii) provide better definitions and general wording
(iii) include new questions aimed at reducing the need for additional enquiries e.g. the transfer fees payable on a sale.

In addition, a new buyer's leasehold information summary form, LPE2, has been created for use with LPE1 following recommendations which the Department for Communities and Local Government proposed after an investigation into residential property services which the Competition and Markets Authority conducted.

LPE2 has been designed to highlight the most important pieces of information for a prospective buyer of leasehold property.

Both forms can be used immediately.

Forms affected

LPE1 Leasehold Property Enquiries New/Amended
LPE2 Buyers Leasehold Information Summary New/Amended

Crown copyright forms are reproduced with the permission of the Controller of the Stationery Office. Law Society forms are reproduced with the permission of the Law Society. Legal Aid Forms are produced with the permission of the LSC.