An updated fourth version of the LPE1 (Leasehold Property Enquiries) form has gone live. The changes are said to make the conveyancing process more efficient.
The lease coincides with a change in lender policies to enable them to lend on properties in remediation schemes, or those covered by leaseholder protections.
This LPE1 form includes a number of additional questions which cover :
- Whether the leaseholder deed of certificate has been served on the landlord in relation to the sale of the property or remedial works required?
- Whether a landlord’s certificate has been served?
- Where there is any outstanding enforcement action against the landlord or accountable person (as they will become known once Part 4 of the Building Safety Act 2022 is commenced), such as outstanding enforcement notices?
Law society president Lubna Shuja stated ‘ the forms were amended as part of efforts to ensure people wanting to buy or re-mortgage flats affected by building safety issues can access mortgage finance’.
The form also includes new requests for documents covering the leaseholder deed of certificate, the landlord’s certificate, and any known enforcement action taken.
Definitions for the ‘leaseholder deed of certificate’ and the ‘landlord’s certificate’ have been added, and an amendment has been made to the definition of a ‘right to manage company’.
The updated LPE1 forms can be downloaded from trade/representative bodies’ websites.
Shuja also stated ‘the Law Society had also taken the opportunity to make process improvements to the TA13 completion information and undertakings form. These include arrangements for the seller to hand over not just the keys, but also any equivalent electronic devices, passcodes and alarm codes’
At Aston Bond, we hope that this new procedure works in our interest and does indeed ‘ make the conveyancing process more efficient’ as the agency has promised.