In an open-market sale or a shared ownership resale, the lease is ‘assigned’ to the new owners. This means that the new purchaser takes over the existing lease and all the responsibilities attached to it.
To protect the buyer’s interests and comply with the terms of any mortgage, the purchaser’s solicitors will usually ask for information on:
- ownership of the property – details of the freeholder and any managing agents
- any statutory notices served on the current leaseholder
- any major repair schemes planned in the next five years
- service charge accounts (estimates and actuals)
- the buildings insurance schedule
- the current balance on the service charge/sub account
- the current fire risk assessment
- any asbestos reports
- the amount of ground rent
Once a buyer has been found for your property and solicitors are instructed, your solicitor will be expected to provide the buyer's solicitor with responses to management enquiries. This is known as a Landlords’ Enquiry Pack (LPE1).
The Landlords’ Enquiry Pack can be provided electronically and there is a fee for providing this information. For the current fees payable, please refer to our list of homeowner admin fees.
We also provide a similar pack for owner occupiers living in houses on our estates where service charges or management charges are payable to L&Q.
As the current homeowner you will be responsible for covering the administration costs for providing the pack.
If you also have an independent managing agent, your solicitor will also need to contact them directly for confirmation of any additional costs they may charge. Details of any applicable managing agent will be provided to your solicitor at the appropriate time.
Please note that the compilation of the Landlords’ Enquiry Pack can take up to 15 working days, so it is imperative that your solicitor requests this in good time.
If a pack has been provided within the last six months, and the sale has not completed, solicitors sometimes request updated information, which we can provide in the form of a ‘Mini-Pack’. For the current fees payable, please refer to our list of homeowner admin fees.