Issues with LPE1 Form

Bobb12345

I'm currently in the process of buying a flat. My solicitor has managed to obtain an LPE1 form from the property management company. However, because the sales process has taken so long, the property management company has since changed. 

Is the previous LPE1 still valid? I'm guessing no, because of the change of management company. 

The seller is refusing to get a second LPE1 done because they has already had one done. 

What shall I do in this situation? My mortgage lender has already extended a number of times due to the time this has taken, and there won't be any further extensions granted. 

Does anyone have any advice? I don't want to purchase a flat without everything being correct and I don't want to pull out because it will cost a lot of money.  

Brie

I would assume it's still valid.  The new management company probably had all the info handed over to them and so if they were supplying a new LPE1 they would likely just copy out the info from the old one.  

propertyrental

Why do you think the answers you have received (via LPE1) will have changed?

In particular, which answer(s) are you concerned about?

Bobb12345

Brie said:

I would assume it's still valid.  The new management company probably had all the info handed over to them and so if they were supplying a new LPE1 they would likely just copy out the info from the old one.  

Thank you. I just need official confirmation that that is the case, but no-one seems to be able to provide this. If there are no changes then that's fine. Appreciate your advice. 

EssexHebridean

Bobb12345 said:

Brie said:

I would assume it's still valid.  The new management company probably had all the info handed over to them and so if they were supplying a new LPE1 they would likely just copy out the info from the old one.  

Thank you. I just need official confirmation that that is the case, but no-one seems to be able to provide this. If there are no changes then that's fine. Appreciate your advice. 

This is a question for your solicitor, who presumably is also acting for your lender? 

Bobb12345

propertyrental said:

Why do you think the answers you have received (via LPE1) will have changed?

In particular, which answer(s) are you concerned about?

I don't know. I have never completed an LPE1 so have don't know exactly what's in it. The solicitor is dealing with that, my question is, do I need an updated LPE1 or will the old one suffice?

Bobb12345

EssexHebridean said:

Bobb12345 said:

Brie said:

I would assume it's still valid.  The new management company probably had all the info handed over to them and so if they were supplying a new LPE1 they would likely just copy out the info from the old one.  

Thank you. I just need official confirmation that that is the case, but no-one seems to be able to provide this. If there are no changes then that's fine. Appreciate your advice. 

This is a question for your solicitor, who presumably is also acting for your lender? 

The solicitor believes an updated pack is necessary, even though I doubt any of the information will have changed. 

eddddy

Bobb12345 said:

Thank you. I just need official confirmation that that is the case, but no-one seems to be able to provide this. If there are no changes then that's fine. Appreciate your advice. 

The LPE1 is for your benefit - and your mortgage lender's benefit.

So it's for you to "officially confirm" that you are happy to proceed without a new LPE1 - perhaps taking into account any advice your solicitor gives.

And similarly, your mortgage lender needs to confirm that they are happy to proceed without a new LPE1.



A reason that you might be (slightly) worried is that there is no "history" / "track record" for the new management company.

In simple terms, you don't know if they will be rubbish at managing a property, or really good at it.  If you're concerned about this, you can do some investigating. For example, find out how many other properties they manage etc, and maybe take a look at some to see if they look well maintained etc, - and maybe even chat with some of the flat owners.

propertyrental

Bobb12345 said:

propertyrental said:

Why do you think the answers you have received (via LPE1) will have changed?

In particular, which answer(s) are you concerned about?

I don't know. I have never completed an LPE1 so have don't know exactly what's in it. 

But presumably you have reviewed the form, made sure that you understand the information concerning your (multi hundred?) thousand pound purchase, and are satisfied with what you have learned about the property you are buying?

Spending that kind of money without understanding the commitments, obligations, rights and potential future costs would be ... reckless!

Bobb12345

propertyrental said:

Bobb12345 said:

propertyrental said:

Why do you think the answers you have received (via LPE1) will have changed?

In particular, which answer(s) are you concerned about?

I don't know. I have never completed an LPE1 so have don't know exactly what's in it. 

But presumably you have reviewed the form, made sure that you understand the information concerning your (multi hundred?) thousand pound purchase, and are satisfied with what you have learned about the property you are buying?

Spending that kind of money without understanding the commitments, obligations, rights and potential future costs would be ... reckless!

I have reviewed the Property Report and yes, I have actually noted the old LPE1 is in there, all is fine with that, but that wasn't my question. It was, is a new LPE1 necessary? Appreciate your advice though. 

user1977

Bobb12345 said:

EssexHebridean said:

Bobb12345 said:

Brie said:

I would assume it's still valid.  The new management company probably had all the info handed over to them and so if they were supplying a new LPE1 they would likely just copy out the info from the old one.  

Thank you. I just need official confirmation that that is the case, but no-one seems to be able to provide this. If there are no changes then that's fine. Appreciate your advice. 

This is a question for your solicitor, who presumably is also acting for your lender? 

The solicitor believes an updated pack is necessary

Have you asked them why?