New forms launched as upfront information drive continues
The push to make more upfront information available on property continues with new versions of several key conveyancing forms.
Updated versions of the LPE1 (Leasehold Property Enquiries), LPE2 (Consumer summary) and FME1 (Freehold Management Enquiries) forms have today (Monday 22 November) been launched by trade and representative bodies in the legal, surveying, estate agency and property management sectors.
The Law Society of England and Wales is among 14 industry bodies encouraging their members and member firms to use the new versions from the ‘go live’ date of 11 January 2022.
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 fire wall 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, on contributions to the service charge, and access to insurance.
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.”
See the updated forms here.
Kindly shared by The Law Society of England and Wales