New Standard Leasehold Information Form Launched

A new form has been launched which standardises the information requested when a leasehold property is sold.

December 4, 2015

by News on the Block Editorial Team

A new form has been launched which standardises the information requested when a leasehold property is sold. The standard form, to be known as LPE1 has been backed by a wide range of industry bodies including ARMA, the Law Society and the RICS.

Law Society President, Jonathan Smithers explained: "It is important that buyers have a proper understanding of the financial commitment they are taking on when they buy leasehold property. I hope that wider use of the new version of the enquiries will assist the supply of that information in a consistent form making it easier for those representing buyers to give them the information they need."

The new version of the form incorporates changes such including

Amendments to reflect changes in the Association of British Insurer agreements with lenders;
Better definitions and general wording; and
Inclusion of additional questions designed to reduce the need for further enquiries with regard to transfer fees payable on sale, for example.

Noella Morton FIRPM AssocRICS, Head of Operations at ARMA, said: “The improvement of the LPE1 and additional LPE2 will assist in working towards greater consistency and providing quality information to the consumer in the buying process.”

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New Standard Leasehold Information Form Launched

A new form has been launched which standardises the information requested when a leasehold property is sold.

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