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The Law Society - Conveyancing

02

Dec

2019

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

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New Rules for Registration of  Relevant Trusts and Declarations of Trusts Relevant Trusts in existence at 6th October 2020 (even if subsequently closed) must be registered with the new Trusts Registration Service by 1st September 2022 to avoid penalties and charges.  This rule also applies to relevant property trusts where the legal ownership position differs from the equitable ownership position; for example where a Declaration of Trust sits behind the Title with details of equitable owners such as where parents have loaned money to purchase a property and have their interest protected by a Declaration of Trust but are not named on the Title Register. Trusts formed after this date may also be subject to complex registration requirements. Please contact us if you are concerned that the above may apply to your Trust and would like advice or assistance with the process.