“Without lag”? You will definitely experience graphical performance issues (i.e. lag).
CPU: Intel Core i7 7500U Dual Core 2.7GHz (up to 3.5GHz) AND Graphics chipset: Intel HD Graphics 620 will be your biggest issue when running UE4 and development projects. The GPU is too week. You’ll experience a lot of UE4 lag in development and rendering projects. In addition, the laptop will likely run at 100% constantly and run HOT!
That laptop’s purpose is for very casual gaming, web, and online movies. Game development will be taxing and slow on this laptop.