The Law Society, in conjunction with trade associations across the legal and leasehold sectors has revised the leasehold property enquiries form LPE1.
Those involved included the British Property Federation, the Royal Institution of Chartered Surveyors and the Association of Residential Managing Agents.
The second edition of the LPE1 form will be released on 1 October 2015 along with the introduction of a buyers leasehold information summary (LPE2).
The amendments have been made to:
- reflect changes in the Association of British Insurer agreements with lenders;
- provide better definitions and general wording; and
- include new questions aimed to reduce the need for additional enquiries, for example with regard to any transfer fees payable on sale.
A buyers leasehold information summary (LPE2) will also be introduced. This follows recommendations from the Competitions and Market’s Authority Leasehold Study which looked to find ways of improving the information given to buyers of leasehold property about the financial obligations they were taking on.