In an effort to make more information available upfront, trade and representative bodies have updated some important conveyancing forms.
New versions of the LPE1 (Leasehold Property Enquiries), LPE2 (Consumer summary) and FME1 (Freehold Management Enquiries) forms have been released.
The Law Society of England and Wales, alongside 14 other trade bodies, are encouraging members and member firms to use the new forms from 11 January 2022.
Along with other additions, the new LPE1 form now asks:
- if there are restrictions on pets or parking
- if a fire safety or an external fire wall assessment has been undertaken
The updated FME1 form now includes questions on:
- who deals with the deed of covenant
- contributions to the service charge
- access to insurance
Commenting on the updates, Law Society president I. Stephanie Boyce said: “making key information about a property available to consumers and those who work in the conveyancing system is beneficial in terms of identifying any potential issues at an early stage and speeding up property transactions.”
