The deadline for completed “disclosure of incentives” forms passed on September 1. The form is part of new standards that the Council of Mortgage Lenders (CML) has introduced for industry professionals who act for lenders on new build property transactions. The standards aim to ensure that the true value of the property is captured during the conveyancing and valuation processes. It is now mandatory for a seller, builder or developer to pass on a completed “disclosure of incentives” form to their lender. <br><br>The form consists of 12 questions which disclose the full details of all financial and non-financial incentives as well as information on any third party interest in the transaction. It is hoped the measure will restore lenders’ faith and industry confidence in the new build market and help improve transparency in the new build valuation process. HBF’s director of economic affairs John Stewart stated that the move was in response to properties being difficult to value. Lenders can lend a certain amount against a property’s value only to see it be sold for less than the price at which it was valued. <br><br>NEXT KEY DATE: Sellers, builders and developers must now pass on a completed “disclosure of incentives” …