9 MAR 2018
We have jointly produced a new residential mortgage Disclosure Form, with UK Finance, the Home Builders Federation and Homes for Scotland, for use during residential conveyancing. It aims to simplify the flow of information to all the key parties involved in the purchase of a mortgage and improve transparency.
The Disclosure Form brings together the relevant financial information about the sale of newly built, converted and renovated property transactions into a single form.
It replaces the Disclosure of Incentives Form, and has been widened in scope beyond just information on incentives, to capture other crucial information about the property which may need to be considered when making a lending decision. This includes information on the tenure type, and method of construction. The former Disclosure of Incentives Form will continue to be valid until 1 August 2018, but the use of the new Disclosure Form is encouraged.
Ben Elder, RICS RICS International Director for Valuation commented: “We have collaborated with leading organisations and professionals involved in the home buying process – including lenders, valuers, developers and solicitors – to ensure the needs and requirements of all are reflected in this new form. Not only will the Disclosure Form make the home buying process a lot simpler for consumers, it will ensure all parties involved in the buying process have up-to-date information in one single place. This will make the exchange of information more effective and transparent for everyone involved.”