The Law Society has launched a new form - LPE1 - for capturing information about a property held by landlords, management companies and managing agents - for example, information about ground rent, insurance and service charges.
The Law Society has worked alongside the Royal Institution of Chartered Surveyors, the Council for Licensed Conveyancers, the British Property Federation, the Association of Residential Managing Agents, the Association of Residential Letting Agents, and others to produce this form.
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 LPE1 - you will still be able to use your own forms. However, you are likely to get answers more quickly by using the LPE1 form, especially if you are dealing with one of the larger landlords or managing agents who may have IT systems that are designed to provide answers based on the LPE1 format.
LPE1 forms will be available in the usual package of forms from the following suppliers at no extra cost: