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Leasehold Information Packs – Who, What, When and Why you need one

Leasehold Information Packs – Who, What, When and Why you need one

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?

Recent government proposals have suggested that this leasehold pack should be made readily available from developers and estate agents very early on in the home buying process, before solicitors even get involved. This could lead to an increase in the frequency of these packs being requested in the near future. Further proposals include imposing a 15 working day time limit to produce these packs to the enquiring party.

Who needs a Leasehold Information Pack?

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.

 

What is in a Leasehold Information Pack?

The Leasehold Information Pack should contain information about the management of the freehold including:

  • levels of ground rent and service charges
  • accounting information
  • insurance
  • proposed future maintenance works
  • any other requirements of the freeholder or the management company relating to residential property.

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.

 
 
 
 
 
 

Why do you need a pack?

The completed LPE1 or FME1 Pack together with the associated documentation comprise the information that a buyer will request on the sale of a Leasehold property.
 
 
 
 
 
 

Who provides the information?

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.

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More information

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.

 
 
 
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