LPE Enquiries
An LPE (Leasehold Preliminary Enquiry) is a pack that a potential buyer can purchase to a detailed insight to the property/development. It also provides the current financial status of the property before the completion of the sale.
The LPE pack must contain the following information;
A copy of an up to date summary, proving that the Ground Rent and Services Charges are paid and up to date
How much the Ground Rent & Service Charge is per year and the schedule of payment
Details of major works and whether the buyer will need to contribute towards it
Any additional fees the buyer is liable to pay the freeholder after the sale is completed
A copy of the buildings insurance policy
Details and an account summary for the management companies last 3 years of operating. This information will list the company’s value, the monies that the development is currently holding (in case of unplanned works), and to confirm the development’s communal areas are being managed appropriately on behalf of the Freeholder