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Sales & Leasehold Management Packs (LPE1)

If you are selling a leasehold property:


Speak to the people who deal with your Ground Rent & Service Charges about your sale and request Leasehold Management Pack (form LPE1) as soon as possible.

 

You should pay for the Leasehold Management Pack as soon as a buyer is found.  The Managing Agent, Management Company or Freeholder will charge for this. An administration fee of £300, or more, is likely.

 

Leasehold Management Packs can take more than 3 months to arrive. It depends on the provider. Some Management Companies are notoriously slow and difficult to deal with.


HOWEVER, Your Buyer’s Conveyancer will NOT proceed without the Leasehold Management Pack because of due-diligence and compliance. Their hands are tied and they cannot move forward without checking the packs.

 

There may be two packs. One for Ground Rent and one for Service Charges. This happens where Ground Rent and Service Charges are collected by different parties.

 

The Buyer's Conveyancer reviews the pack or packs to check the building is appropriately managed and is good security.

Any concerns are referred to the buyer and their mortgage lender. Some mortgage lenders are very strict on what they will accept on leasehold properties.

 

Not obtaining the packs straight away will delay your sale. Sadly, Leasehold Management Packs are a necessary evil in Leasehold sales.

 

If you are the Freeholder, or one of the Freeholders, you may want to instruct an expert to assist you. An Agent or Conveyancer. I offer this service for a fee. Please get in touch.


07944 377029


Selling leaseholds - sale of apartment

 

 

 

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