We understand that selling your property can be an incredibly stressful time; at London Block Management we have set procedures in place to ensure that, from our side, the sale of your property completes as efficiently as possible.
Once a sale has been agreed we will typically receive a request to provide information in accordance with Form LPE1 as launched by the Law Society in conjunction with the Royal Institution of Chartered Surveyors, the Council for Licensed Conveyancers, the British Property Federation and the Association of Residential Managing Agents among others.
Using Form LPE1 will make it easier for solicitors to advise their clients because they will receive information in a standardised and consistent format for capturing information about a property held by landlords, management companies and managing agents – for example, information about ground rent, insurance and service charges etc.
Some examples of typical information requested via Form LPE1 include the following:
Up-to-date copy of Buildings Insurance Schedule and Policy Wording.
Last three years’ Service Charge accounts.
Copy of Service Charge Estimate for the current financial year relating to the Building.
Tenant Statement of Account for the property.
Details of any Reserve / Sinking Fund.
Details of any planned major works (i.e. internal and external repairs and redecorations).
To whom the Notice of Transfer and / or Charge is to be served upon following completion and details of any registration fee payable.
Whether the Buyer will be required to enter into a Deed of Covenant / Licence to Assign and if so, details of any registration fee payable.
Whether the Seller holds a Share in any Management Company / Freehold Reversion and if so, how this is to be transferred to the Buyer upon completion.
Latest Fire Risk Assessment for the Building and confirmation that the recommendations noted therein have been fully complied with.
Asbestos Survey for the Building including details of any remedial works undertaken if the Building was found to contain Asbestos Containing Materials (“ACM’s”).
There is a standard charge of £480.00 (including VAT) to provide comprehensive replies to enquiries based upon Form LPE1 which is issued in the format of a letter report; upon receipt of cleared funds from either you directly, or via your Solicitors, we endeavour to provide full replies directly to your Solicitors within 48 hours. Should there be any follow up enquiries raised by the Buyers Solicitors arising from our initial replies to enquiries, we will endeavour to answer these in full within 48 hours and at no extra charge!
Please note that London Block Management do not accept Solicitors’ cheques as cleared funds.