UK Finance have yesterday announced that there is a new disclosure form which will take the place of the old CML Disclosure of Incentives Forms many of you will be familiar with.
As per the old CML disclosure form, this should be provided to the buyer’s solicitor and valuer on request providing accurate and useful financial information. The form, if completed correctly, is designed to assist and speed matters through by providing all relevant information at the outset in one agreed industry format.
We would always recommend that the form is provided at the beginning of a transaction to avoid potential delays from purchaser’s solicitors. It is important that they are completed correctly and properly signed as the majority of purchaser’s solicitors will require a signed form to comply with their internal processes.
For any queries please do not hesitate to contact Alasdair Muir on alasdair.muir@devonshires.co.uk or Rachel Keenan on rachel.keenan@devonshires.co.uk.
Our development sales team is more than happy to offer in-house training to clients on how to avoid the disclosure form slowing you down, as well as several other barriers which in our experience can prevent a swift exchange.
