Checking the LPE1

When should the costs of Major Works be reported to the buyers lender?

• Always

• Costs over £250 to the individual property owner and not covered by a Reserve Fund

• Costs over £500 to the individual property owner and not covered by a Reserve Fund

• Costs over £1000 to the individual property owner and not covered by a Reserve Fund

When does the Landlord or Management Company have to notify the Lessee of Major Works?

• When the contribution from one Lessee exceeds £250

• When the contribution from one Lessee exceeds £500

• When the contribution from one Lessee exceeds £1000

• When the contribution from one Lessee exceeds £100

Who should Notice of Charge be served upon?

• Landlord

• Management Company

• Managing Agent

• Landlord and Management Company

What do you understanding is the purpose of Notice of Transfer/Assignment?

• Informs the Landlord and Management Company of the new property owner is

• Helps the Landlord and Management Company update who they charge for Service Charge and Ground Rent

• Helps the Landlord and Management Company pursue new owners for breaches in the Lease

• Another way of making money

If the Management Company is limited by shares and the buyer has a lender, what forms do you need?

• Signed Stock Transfer Form from the seller

• Signed Stock Transfer Form from the buyer

• Copy Share Certificate with confirmation the original will be handed over on completion

• Form of written Application for Membership

What is the purpose of a Deed of Covenant?

• Required by the Landlord to update who they charge future Ground Rent to

• Required by the Management Company to update who they charge future Service Charge to

• Buyer promise to the Landlord to observe and comply with the Covenants in the Lease

• May be required to comply with a Restriction in the Title

Which are the below fees would the purchaser need to pay on a Leasehold Property if purchasing with a Mortgage?

• Notice of Transfer

• Notice of Charge

• Deed of Covenant

• License to Assign

Depending on the age of the property or any conversion when would an Asbestos Report be required?

• Any building built or refurbished before the year 2000 with common parts

• Any building built or refurbished before the year 2001 with common parts

• Any building built or refurbished before the year 1999 with common parts

• Any building built or refurbished before the year 2002 with common parts

What is an LPE2?

• Completed by the sellers solicitors on a Leasehold property

• Completed by the Landlord on a Leasehold property

• Completed by the Management Company on a Leasehold property

• Completed by the buyers solicitors to inform the buyer of specific Leasehold disbursements prior to Exchange

When should Notice of Transfer and Charge be served?

• On Exchange of contracts

• On Completion

• One week after Completion

• One week before Completion