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Important property forms launched as part of ‘crucial’ upfront information

Important property forms launched as part of ‘crucial’ upfront information

New versions of several key conveyancing forms have been launched as part of an ongoing drive to make more property information available upfront.

Updated versions of the LPE1 (Leasehold Property Enquiries), LPE2 (Consumer summary) and FME1 (Freehold Management Enquiries) forms have been launched by trade and representative bodies in the legal, surveying, estate agency and property management sectors.

Some 14 industry bodies, including The Law Society and The Conveyancing Association, are encouraging their members and member firms to use the new versions from the ‘go-live date of 11 January 2022.

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Several new additional questions feature in the third version of the LPE1 form, including establishing whether there are any restrictions on keeping pets or parking.

The form also asks whether a fire safety or an external firewall assessment has been undertaken and whether there are urgent works required as a result. It is hoped this will allow those marketing the property to identify material facts around cladding more easily.

The second version of the FME1 form also contains several additional questions, including who deals with the deed of covenant, contributions to the service charge, and access to insurance.

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The Law Society president I. Stephanie Boyce said: “We are pleased to see the launch of the new versions of these important property forms.

“Making key information about a property available to consumers and those who work in the conveyancing system is beneficial in terms of identifying any potential issues at an early stage and speeding up property transactions.

“The updated LPE1 form should allow for crucial information about fire safety and any urgent remediation work required to be identified as soon as possible.”

Beth Rudolf, director of delivery at the Conveyancing Association, commented: “The industry has committed to ensuring the forms are up to date and continually assessed to make sure they ask for all the necessary information. These new iterations of the forms do just that, particularly in light of the ongoing issues many leaseholders are having with their building’s fire safety; it is very important that all stakeholders have total upfront and transparent information on this aspect of the property.

“We’ll continue to review these forms to make sure they are fit for purpose going forward and in particular as their becomes greater clarity over the need for external wall assessments and access to them.”

Nigel Glen, CEO of the Association of Residential Managing Agents (ARMA), added: “We are pleased with the comprehensive additions to the forms, in particular the addition of the – usually belated and highly emotive – matter of pets and the LPE1’s request for information on building safety. We hope the latter will help towards freeing up leaseholders to sell on properties where the fire risk is minimal. We also welcome the addition of the UPRN field as a means of encouraging its adoption across the residential building stock, the benefits of which have long been known.”

SOURCE:PROPERTY INDUSTRY EYE | NOVEMBER 23, 2021 | MARC DA SILVA

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