LPE1 Form charges?

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    LPE1 Form charges?

    I have been asked to complete a LPE1 form and provide 3 years worth of accounts from a tenants solicitors who is selling a property of which I own the freehold?
    Is this normal practice he states there is a legal requirement to complete the form?
    I have read that landlords charge a nominal fee of around 200-300 pounds for the complete form is this correct?

    #2
    There is no RRP for these forms but anything over 200 is excessive as the questions are simple statements of fact and don't require much legwork to answer. I've heard of charges between £40 to £150. It's easy enough to do yourself.
    I may be a housing professional but my views, thoughts, opinions, advice, criticisms or otherwise on this board are mine and are not representative of my company, colleagues, managers. I am here as an independent human being who simply wants to learn new stuff, share ideas and interact with like minded people.

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      #3
      Thanks will complete form. Have already agreed 150 for completion.

      Merry xmas all.

      Comment


        #4
        There is no legal obligation to complete the form, but failing to do so can put buyers off.

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          #5
          If you make a mistake on the form and fail to disclose correctly the information you could be held liable for damages - the fee must reflect not only the time spent but also the responsibility placed upon you and £150 might be viewed as light

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            #6
            IMO it is difficult to justify even £150 for completing a form that any competent freeholder/managing agent should be able to complete in less than an hour (including gathering all of the required information - if their filing system is reasonable).
            It may be justifiable to charge this amount if a lot of paperwork has to be photocopied and postage/stationary costs are relatively high.

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              #7
              The information should be stored and updated as required. Often it will be only a matter of copying the information and emailing it.

              Nonetheless, I have seen freeholders and their agents charge £200-£300 plus VAT.

              Comment


                #8
                I charge £ 70 and £ 10 per extra letter over and above normal correspondence.
                ( such as solicitors not paying in advance )

                Comment


                  #9
                  you can charge more for LPE1, within M25 area £300 is perfectly normal where there are extensive copy documents to provide

                  Comment


                    #10
                    Originally posted by flyingfreehold View Post
                    you can charge more for LPE1, within M25 area £300 is perfectly normal where there are extensive copy documents to provide
                    I would say that anyone charging more than £150 is ripping off potential buyers of a property, even if there are "extensive copy documents to provide".
                    And the location of the property increases neither the time required or makes much difference to the cost of producing copies.

                    Unfortunately, because it will probably more often than not be solicitors who are requesting the LPE1, they will likely pay whatever price is asked because it's not their money they are spending.

                    If I was buying a new leasehold property and I found out that whoever was managing the building was demanding £200-300 just to provide the LPE1 form and associated documentation, I would consider it to be a clear indication that they would continue to try and rip me off through service charges and other demands if I went through with the purchase.

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                      #11
                      within the M25 office overheads and staffing costs are typically higher. I have obtained scales of charges of various firms of professional managing agents and they charge well over the figure of £300 I mentioned. There can be a lot of information to be provided including risk assessments, asbestos, listeria surveys, roof surveys, lift reports, common parts electrical reports, reports of claim history, even copies of planning bconsents and if staff are employed to put these together their time and has to be properly reimbursed and a contribution to the enormous overheads of running administration. I agree however if the landlord is a one man band and there is little or no M & E plant this is a different thing altogether. When I first started thirty odd years ago I did them complimentarily but of course the questinnaire has becomes far more comprehensive and solicitors acting on the conveyancing process do typically invite those completing the LPE1 to quote fees

                      Comment


                        #12
                        Flyingfreehold: I don't doubt that managing agent fees for completing the LPE1 form can be well above £150.
                        I do doubt that they can reasonable justify the fees that they are charging (£300, for example, is I.M.O. likely to be over 3x the cost of actually providing the completed form and associated documentation - even when staff time and postage are included).

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