New transaction forms to be introduced in early 2022

Some 14 trade bodies in the estate agency, conveyancing, property management and surveying industries have jointly launched new upfront documents which will come into effect on January 11.

The updated versions are of the LPE1 (Leasehold Property Enquiries), LPE2 (Consumer summary) and FME1 (Freehold Management Enquiries) forms. These are primarily the responsibility of conveyancers to complete.

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.

The updated forms now include the UPRN or Unique Property Reference Number of the property with the updated form fields included within the pdfs. 

These versions of the forms ask managing agents/lease administrators whether they can accept service of notice by email and receive the payments via the banking system to enable more efficiency in the process.

You can see the updated forms here.