The financial trade body – which represents almost 300 financial firms in the UK – launched the disclosure form last month.
Version 1 of the disclosure form replaces version 2.1 of the disclosure of incentives form, which will continue to be valid up until 1st August 2018.
The new form is required for all newly built property that isn’t yet occupied or purchased for the first time, as well as any existing property that hasn’t been occupied in its current form.
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UK Finance stated that the new form “combines financial information about the sale of newly built, converted and renovated property transactions into a central place, simplifying the flow of information to all key parties in the purchase of a mortgage”.
The new form has “widened its scope beyond just information on incentives to capture other crucial information about the newly built property, which may need to be considered when making a lending decision”.
- information on tenure type
- method of construction
- information on ground rents
These forms must be completed by the developer/seller of the property before being supplied to the solicitor/conveyancer acting on behalf of the lender providing the mortgage for the property, and to the valuer acting on behalf of the lender upon request.