Complicated leasehold process made easier with new standardised format
A new standardised procedure for buying and selling flats will make property transactions much easier, the Law Society has said.
The Leasehold Property Enquiries Form, or LPE1, which is launched today, is a standardised questionnaire for the industry, and was developed by the Law Society and other major trade bodies*.
It will capture in a single format for the first time, information about a property that is held by landlords, management companies and managing agents - for example, information about ground rent and service charges.
Using the LPE1 form will make it easier for solicitors to advise clients because they will receive information in a standardised and consistent format.
It will not be mandatory to use the form but solicitors will get quicker answers by using it, especially if dealing with one of the larger managing agents who have IT systems designed to provide answers based on the LPE1 format.
Law Society deputy vice-president Jonathan Smithers said:
'Having a standardised format will be advantageous to sellers, buyers, solicitors and conveyancers dealing with leasehold property.
'It will not only bring clarity to the part of the procedure that deals with obtaining necessary leasehold information but may also clarify some issues relating to time and cost. It will also mean that everyone becomes familiar with one form, inevitably making the process more cohesive.
'The Law Society will make every effort to secure the support of key stakeholders, including the government, to make this scheme a success.'
Notes:
The LPE1 form was launched on 10 October. It will be available as part of the Law Society's TA suite of forms from the following suppliers at no extra cost:
Laserform
LexisNexis
Oyez Straker
Peapod Legal Office Ltd
The new, industry created and approved Leasehold Property Enquiries Form LPE1 was developed by The Law Society, The British Property Federation (BPF) and The Society of Licensed Conveyancers (SLC), The Royal Institution of Chartered Surveyors (RICS), The Association of Residential Managing Agents (ARMA), The Association of Residential Letting Agents (ARLA) and The National Association of Estate Agents (NAEA). It will be rolled out to members of these organisations, with the overall concept supported by The Council of Mortgage Lenders (CML) and The Building Societies Association (BSA). The LPE1 was developed in conjunction with Move with Us.
