Issues with LPE1 Form

Bobb12345

user1977 said:

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?

Yes. They believe that having everything updated ensures it's all 100% correct for the purchase.

user1977

Bobb12345 said:

user1977 said:

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?

Yes. They believe that having everything updated ensures it's all 100% correct for the purchase.

Updated because it's a different management company or updated because it was done so long ago?

Bobb12345

user1977 said:

Bobb12345 said:

user1977 said:

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?

Yes. They believe that having everything updated ensures it's all 100% correct for the purchase.

Updated because it's a different management company or updated because it was done so long ago?

Because it's a different property management company. Can the sale proceed with this old pack or is it 100% necessary to have an updated pack?

EssexHebridean

Bobb12345 said:

user1977 said:

Bobb12345 said:

user1977 said:

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?

Yes. They believe that having everything updated ensures it's all 100% correct for the purchase.

Updated because it's a different management company or updated because it was done so long ago?

Because it's a different property management company. Can the sale proceed with this old pack or is it 100% necessary to have an updated pack?

That will depend on your lenders view on things. If the lender is happy, then the solicitor will almost certainly just issue you a letter to be signed confirming that you are proceeding against their advice, and you can then go ahead. If the lender is not happy though, you will either need a new LPE1, or a new lender. 

propertyrental

Bobb12345 said:

user1977 said:

Bobb12345 said:

user1977 said:

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?

Yes. They believe that having everything updated ensures it's all 100% correct for the purchase.

Updated because it's a different management company or updated because it was done so long ago?

 Can the sale proceed with this old pack or is it 100% necessary to have an updated pack?

There are 2 possible reasons for the sale to not proceed:

* you re not happy and instruct your solicitor not to proceed (perhaps following his advice). Hence questions about why you might not be happy, or why your solicitor might be advising against.

* your lender might not be satisfied and refuse to lend, though that would be on the advice of their solicitor (almost certainly the same solicitor as you are using).

NameUnavailable

A word of caution. The main concern for me would be with regard to any planned (or intended) major works. The old management company may not have been very proactive (do you know why a new company has been appointed?).

The newco may have plans to carry out works on the property which the other company didn't. I guess your solicitor can ask the question and you should look carefully at the building and think if there's anything obvious you can see that may need repair or attention (roof? fences? decor of communal hallways? etc.).

The newco may also want to carry out their own survey and fire reports (which will be billed back to the leaseholders).