Lenders introduce new form for disclosing incentives
Builders and developers selling newly built, converted or renovated property funded by a mortgage have been required to fill in a new "disclosure of incentives" form from
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It is designed to ensure that any incentives offered to buyers by developers are clear to lenders, so that firms advancing mortgages have a reliable view of what is being paid for the property in net terms.
The new form replaces an earlier version, and must be used in all cases in which a disclosure of incentives is required after 1 October.
By now, lenders should already have made sure that their own staff are aware of the new requirements, and should only be working with the new form.
Conveyancers working for a builder or developer selling a property must now ensure that they fill in the new form and forward it to the conveyancer acting for the lender.
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