Date Published 28 March 2023
An updated Leasehold Property Enquiries (LPE1) form has been released by the Home Buying and Selling Group (HBSG) which will unlock the potential of digital conveyancing.
Using the Property Data Trust Framework standards, the latest version allows answers to leasehold property enquiries to be represented in a standard way so key enquiries made of the managing agents of leasehold properties can be captured and shared in a way understandable by everyone.
The revision also coincides with lenders changing their policies to be able to lend on properties in re mediation schemes or those covered by leaseholder protections earlier in the year.
Frictionless exchange of data.
Having reached the public launch v1.0 milestone in December 2022, the framework continues to evolve to support more and more elements of property data to facilitate the frictionless exchange of data between all stakeholders.
More progress is planned for the coming months, as updates to the BASPI dataset and the announcement of NTSELAT Material Up front Information parts B and C are expected.
Agents encourage to use LPE1
The HBSG sees representatives from across the industry working together to find ways to improve the process for home movers when buying and selling their property.
Propertymark, alongside other bodies that make up the HSBG including the Conveyancing Association, the Society of Licenced Conveyancers, ARHM, BPF, The Property Institute (TPI), RTMF, and RICS are encouraging their member firms to use the new version of the LPE1.
LEASEHOLD PROPERTY ENQUIRIES (LPE1)
This form will coincide with lenders changing their policies to be able to lend on properties in re mediation schemes, or those covered by leaseholder protections.
The changes to this form arise from the Building Safety Act 2022 which came into force on 28 June 2022.
