New measures to make valuation process of new builds more 'transparent'
New measures are being introduced to help ensure that the conveyancing and valuation process reflects the true value of new builds.
The Council of Mortgage Lenders (CML) made the announcement today (September 1st) that any discounts or incentives offered by developers are disclosed to the lender.
Lenders will therefore be able to make sure that any offer is based on the true value of a property and will provide protection for both lenders and borrowers.
They will now be able to get a completed disclosure of incentives form from the conveyancer acting for the developer.
Commenting on the new measures, CML director general, Michael Coogan said: "If developers ensure that they are transparent, and disclose any discounts or incentives on offer to buyers, lenders' confidence should start to return."
Mr Coogan said that it was particularly important that people had confidence in the market at a time when there was limited funding available for house purchase transactions.
UK Property News posted on 01/09/2008 16:24:34
|
