If you are the Freeholder of a property you may have received requests from lawyers for a Leasehold Information Pack in the past. Recent Government proposals may mean an increase in requests for these pack. But what exactly are they and who needs them?
A Leasehold Information Pack might also be referred to as 'replies to LPE1 enquiries' or a 'Management Pack'. This information is usually requested by the solicitors acting for a leaseholder who is selling their property/assigning their Lease.
Some freehold properties also have the benefit of or rights over managed land for which a buyer will request information. This information is usually requested from the freeholder/management company by the solicitors acting for a seller.
The Leasehold Information Pack should contain information about the management of the freehold including:
The form LPE1 is produced by the Law Society and is the preferred form used by solicitors, though it is not obligatory to use and some Freeholders/Management companies will use their own versions.
The information provided in this Pack is provided by the Landlord, the Management Company or the Managing Agents or a combination of the same. The provider of the Pack will usually charge a fee for so doing and this can vary considerably and there is currently no regulation of the same.
The documentation required by different leases and transfers can also vary. This may include documents such as a Deed of Covenant or Licence to Assign. Such documents should be provided as part of the Pack.
Whilst the Landlord, Management Company or the Managing Agents will usually assist a seller and buyer in the provision of the information pack they are not legally required to do so and delays can occur if the parties involved do not deal with requests promptly.
If you are a Freeholder, Management Company or Managing Agent our Residential Property Team can provide you with assistance to complete the LPE1 form and provide a Leaseholder with the Leasehold Information Pack.
The Residential Property Team can also assist by reviewing the Lease with you and advising you as to what information you need to provide.