From time to time during the conveyancing process, title defects may come to light, or…
A working group comprised of the UK’s leading property experts has today announced that a second edition of the Leasehold Property Enquiries Form (LPE1) is due to be published this month.
The LPE1 Working Group – which includes representatives from the Conveyancing Association, the Law Society, the Royal Institution of Chartered Surveyors (RICS) and the British property Federation – has come together once again in an effort to maintain the quality and relevance of the form.
At an event hosted by the Conveyancing Association on 1st October, a new memorandum of understanding was signed by the existing Group representing all the leading organisations in conveyancing, estate agency, property and leasehold management. All of the organisations have endorsed the new form and recommended it for use.
The second edition of the form is scheduled for release on 1st October 2015. Changes will include:
- Amendments to reflect changes in the Association of British Insurer agreements with lenders;
- Better definitions and general wording; and
- Inclusion of additional questions designed to reduce the need for further enquiries with regard to transfer fees payable on sale, for example.
The group will also announce the addition of a Buyers Leasehold Information Summary (LPE2) to the document, in support of recommendations from the Competitions and Market’s Authority (CMA) Leasehold Study. This will provide further information to incoming lessees to give them a better understanding of their financial obligations under the lease.
Over the last 12 months, the group has been working together to review and update the contents of LPE1. The new forms will continue to be made available to all and have been published through the main legal stationers, thanks to the Legal Software Suppliers Association (LSSA). They will also be available via the group members’ websites and the Law Society Bookshop.
Since its launch in October 2013, the LPE1 document, which aims to improve the consistency and reduce the volume of paperwork required during a transaction process whilst providing better information for buyers, has been well received by property professionals across the board.
Eddie Goldmsith, Chairman of the Conveyancing Assassination said:
‘The improvements to the LPE1 Form are an important step in reforming the leasehold process, but we know that more needs to be done. I’m proud that the Conveyancing Association has led the way in seeking improvements to the home-buying process for leasehold properties and extending the rights of leaseholders.”
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; 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 encourage the widest possible use of the new version of the enquiry form. ‘’
Notes to Editors:
The new forms can be accessed via the Law Society here.
Organisations signing the Memorandum of Understanding include:
- The Law Society
- The Conveyancing Association
- The British Property Federation
- Royal Institution of Chartered Surveyors
- The National Association of Estate Agents
- Association of Residential Managing Agents
- Association of Residential Letting Agents
- The Society of Licensed Conveyancers
- Association of Retirement Housing Managers
- Home Owners Alliance
- The Institute of Residential Property Management
- Leaseholders Associations
- Right to Manage Federation
For further information on the LPE1 Form and the Working Group or information on the event on 1st October to mark the signing of the Memorandum of Understanding please contact the Conveyancing Association media team on 0207 618 9141 or email@example.com