Re-Mortgage leasehold flat - legal pack

vsm2020

Hi - I am switching my leasehold flat to a BTL mortgage. My solicitor is insisting I need to obtain an LPE1 - even not I'm not selling and it is just a remortgage. Last time I remortgaged I didn't require this. And managing agents are wanting to change me almost £500 for it! Hence, the reluctance to obtain it unless absolutely necessary. Any advice welcome. Thanks 

Thrugelmir

Your new BTL lender may have this as a requirement. Your solicitor is the lenders as well. 

Lews_100

I recently sold my leasehold flat and the charges the managing agents put forward for these packs is crazy. I held most of the documents myself so didn't need the full pack. I supplied what I had myself and paid £150 for the single form (still seems overpriced to me) which I believe may also have been the LPE1. I saved about £230 so it might be worth asking your agents how much to supply just the required form rather than the pack. 

MichaelMe

These can be a nightmare in more ways than one. When I sold my maisonette couple of years ago, I had to resend the lpe1 to the freeholder 3 times. And I mean I had to do it. Not the solicitor. Long story short I was on very good terms with the freeholder and knew I would get a faster response than the solicitors.

Luckily my now former freeholder was a genuine nice retired lady in the countryside. She did not fuss over any fees and whatnot. However I know most big name freeholders do see anything as an excuse to charge a hefty fee, including the LPE1.
Oddly enough it is not a legal requirement to have the LPE1. Some lenders do insist on it but there are some that may proceed without it. Maybe try a different lender? Otherwise you would have to pay the fee they are asking most likely.