Lpe1 query

Rae204

Hi I'm selling a share of a freehold to a buyer who is also buying the leasehold from the current leasees. So by the end of it he'll own both.

Now his solicitor asked my solicitor if I'd fill out a LPE1, as far as I can tell the only info the buyer really needs/wants is the insurance information which I already gave.

I'm completely clueless as to the point of this form, especially in this case, and was hoping someone might enlighten me.

Also, I know I can decline to fill it out but I don't know if I should. Any insight you could share to help me work out what to do would be so appreciated!

anselld

It is the standard enquiry form for all leasehold properties.

Presumably you are currently the freeholder so you should complete it, though it is not unusual to charge the leaseholder a fee to do so.

Refusal to complete would raise doubts about your motives and may frustrate the sale.

chappers

Is all the information contained within the lease/ have the sellers of the lease filled it in?
Not sure you, as the freeholder really need to fill in LPE 1 it is more to do with the lease and anyway is no substitute for reading the actual lease.

Rae204

I just find it very odd, at the completion of sale for the lease, we also sell the freehold to him.
So he'll be the outright owner of that property.

The logical side of it just eludes me, he already has all the properties insurance details.

anselld

Rae204 wrote: »

I just find it very odd, at the completion of sale for the lease, we also sell the freehold to him.
So he'll be the outright owner of that property.

The logical side of it just eludes me, he already has all the properties insurance details.

You said you were selling him a share of the freehold. That doesnt make him outright owner of anything (unless he owns the other shares already).

If in doubt ask your solicitor to advise, after all that is what you are paying them for.

AlexMac

From memory, that form is for the Freeholder to complete; also confusingly referred to in leases and on the form as "the Landlord".

Even though you call yourself a shared freeholder, you are actually a "Leaseholder", presumably with a=part ownership of the freehold by having a share in, directorship or memebrship of a separate entity- "The freeholder".

I've had three such leasehold flats, and in each case the freeholder was a Company made up of the individual leaseholders. We ran 'em ourselves, rather than paying an Agent, and as I was Company treasurer I used to fill in these forms.

So who does your lease say is the "Freeholder" , as it seems to me a reasonable question? Someone must know if there is an Agent, maintenance and service arrangements or future planned repairs , etc

Or are you saying there is only one flat in the block and that you are the only leaseholder and also the freeholder of the whole building? If so that's an odd arrangement, but at least you know if you as Freeholder you have any Agents, Service cahrges, plans for repairs etc? But if there are other flats in the block which you don't own, as the word "shared" in your OP implies, my reply above stands?

G_M

Just fill it out and return.

If you respond "n/a" or "refer to lease" or similar to any Qs that aren't relevant, so be it.

Not returnng it will cause problems.

Rae204

Thanks Alex, you clarified a few terms for me.
Looks like I do have to fill out this horrible form, at least now I know why.
Thanks all!