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LPE1 – A Key Letter to Speed-up the Leasehold Sale Process
The LPE1 is a standard form which Landlords or managing agents will complete when a leasehold property is sold – including vital information for a prospective buyer such as: contact details for Landlord and managing agents, who accepts service of notice of assignment and the fee, who collects the ground rents and service charge
The Conveyancing Association has released a template for practitioners to use in an attempt to obtain all required information in just 15 days which will hopefully speed up the conveyancing process. The template letter includes requests that:
- The LPE1 in its standard format is used
- All questions are answered in full rather than by references to other documents
- If the management company intends to charge a fee to complete the form, the amount is notified immediately; and
- The information is provided within 15 days
The letter also reminds those completing the form of the government’s intention to limit the fees for providing such information to £200.
If you are a Landlord or Managing Agent and require advice to complete the LPE1 or you are thinking of moving and require advise please contact either Judith Bleetman or Nikki Salih at our East Barnet office on 020 8441 1556