These forms are used by solicitors and conveyancers to collect information during the buying process of leasehold and freehold management property
These forms are used by solicitors and conveyancers to collect information during the buying process of leasehold and freehold management property. The forms, usually completed by a landlord, residents association or managing agent are not mandatory, the use of a standard form to provide information can speed up the property purchase.
The LPE1 form is used for collecting information about a property such as ground rent, service charges and building management. The LPE1 also identifies if there are any problems with the property that may have an impact on the purchaser.
The LPE2 form sets out the financial responsibilities of the leaseholder including costs of purchase and regular payments that must be made with regards to service charges, ground rent and buildings insurance.
The FME1 form is used to provide information to prospective purchases on the key areas such as who collects the service charge, who is responsible for maintain managed areas and whether there are any restrictions on pets or parking.