We have probably all, at some time or another, acted for a client purchasing a new build plot who has become confused with the incentives offered by builders and developers. As at 1st October the Council of Mortgage Lenders have introduced a new form requiring builders and developers selling new build, converted or renovated property to fill in a new, uncomplicated form, “disclosure of incentives”.
According to the CML the form is in response to “evolving marketing practices by developers”. The form ensures that all incentives offered are clear to lenders, enabling the firm acting for the buyer to have a clear understanding of the purchase price of the property in net terms.
Conveyancers who regularly carry out work for builders and developers should familiarise themselves with the form and ensure that they complete the correct version and forward it the conveyancer acting on behalf of the lender.
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