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LPE2 - Buyers Leasehold Information Summary

Last EFIS release: 81/2015 (October 2015)

Form status: New/Amended

A consultation process has resulted in minor amendments to the LPE1 form which was originally created in conjunction with stakeholders such as the British Property Federation, the Royal Institution of Chartered Surveyors and the Association of Residential Managing Agents to reduce the time conveyancing practitioners spend obtaining information from management agents and companies in relation to transactions involving residential leasehold property.

In particular, this second edition of LPE1 contains amendments which have been made to:-

(i) reflect changes in the Association of British Insurers' agreements with lenders
(ii) provide better definitions and general wording
(iii) include new questions aimed at reducing the need for additional enquiries e.g. the transfer fees payable on a sale.

In addition, a new buyer's leasehold information summary form, LPE2, has been created for use with LPE1 following recommendations which the Department for Communities and Local Government proposed after an investigation into residential property services which the Competition and Markets Authority conducted.

LPE2 has been designed to highlight the most important pieces of information for a prospective buyer of leasehold property.

Both forms can be used immediately.

All EFIS releases

EFIS 81 - 2015 October 2015  New/Amended