BDC Magazine - Online version December 2015 Issue - 216 | Page 15

ARMA.qxp_feature 2 21/10/2015 11:45 Page 13

The LPE1 Working Group including representatives
from the Law Society, RICS and ARMA have come
together to maintain the quality of the LPE1 form.
working group comprised of the UK’s

A

received by property professionals across the board.

leading property experts has today

Law Society president Jonathan Smithers said:

announced that a second edition of the

“This updated version of the form, with more industry

Leasehold Property Enquiries Form

bodies endorsing it, should increase its reach and effect

(LPE1) is due to be published this month.

bringing advantages to all involved in leasehold transactions;

The LPE1 Working Group – which includes representa-

managing agents and landlords, solicitors and conveyancers

tives from the Law Society, the Royal Institution of

and, of course, most importantly, buyers and sellers.

Chartered Surveyors (RICS) and The Association of

“It is important that buyers have a proper understanding

Residential Managing Agents [ARMA] – has come togeth-

of the financial commit ment they are taking on when they

er once again in an effort to maintain the quality and rele-

buy leasehold property. I hope that wider use of the new ver-

vance of the form.

sion of the enquiries will assist the supply of that informa-

At an event hosted by the Conveyancing Association on
1st October, a new memorandum of understanding was
signed by the existing Group representing all the leading
organisations in conveyancing, estate agency, property and
leasehold management. All of the organisations have
endorsed the new form and recommended it for use.

tion in a consistent form making it easier for those representing buyers to give them the information they need.
“'The Law Society will encourage the widest possible use
of the new version of the enquiry form.”
Andrew Bulmer FRICS, UK Residential Director at
the RICS, said:

The second edition of the form is scheduled for release on

“RICS was pleased to be part of the Working Group to

1st October 2015. Changes will include: amendments to

improve the LPE1 and create the new LPE2. The Royal

reflect changes in the Association of British Insurer agree-

Charter requires RICS to act in the public interest, and the

ments with lenders, better definitions and general wording,

provision of better quality and more consistent information

and inclusion of additional questions designed to reduce the

for leasehold buyers will provide greater certainty for con-

need for further enquiries with regard to transfer fees payable

sumers when making, what is usually, their largest purchase.

on sale, for example.

“Supporting consistent processes will also reduce bur-

The group will also announce the addition of a Buyers

dens on business and ease the conveyancing process. It is

Leasehold Information Summary (LPE2) to the docu-

gratifying to witness cross-industry stakeholders once

ment, in support of

recommendations from the

again working together for the good of both consumers

Competitions and Market’s Authority (CMA) Leasehold

and practitioners and we look forward to widespread adop-

Study. This will provide further information to incoming

tion of the new documents by industry.

lessees to give them a better understanding of their financial obligations under the lease.

Noella Morton FIRPM AssocRICS, Head of Operations
at ARMA, said:

Over the last 12 months, the group has been working

“ARMA is honoured to have been included on the

together to review and update the contents of LPE1. The

Working Group to review the LPE1 and creation of the

new forms will continue to be made available to all and have

new LPE2. The improvement of the LPE1 and addition-

been published through the main legal stationers, thanks to

al LPE2 will assist in working towards greater consisten-

the Legal Software Suppliers Association (LSSA). They will

cy and providing quality information to the consumer in

also be available via the group members’ websites and the

the buying process.

Law Society Bookshop.

“We are fully supportive of the attempts being made to

Since its launch in October 2013, the LPE1 document,

standardise the process and raise standards. All action to

which aims to improve the consistency and reduce the vol-

encourage best practice in the sector is welcome and we

ume of paperwork required during a transaction process

at ARMA will continue to set the highest standards in

whilst providing better information for buyers, has been well

property management.”