New build shake up will bring certainty back to the market...
Hey guys,
Just wanted to update you on the current happenings within the new build market.
The Council for Mortgage Lenders (CML), Royal Institute of Chartered Surveyors (RICS) and the various National House builders have been working on a new scheme to ensure the integrity of new build properties. This is primarily aimed at creating full disclosure of all incentives attached with a sale and ensuring that lenders can have confidence that the price that is being paid is the price being paid.
It's a welcome change to an industry that has been very attractive to many slippery sharks. Especially the past few months in which I can name 15 companies that have gone bust or shut up shop.
The actual details of the New build disclosure form which must be completed by the sellers solicitor and given to the valuer who will then pass it onto the buyers solicitor will be released in early August. The form will consist of 12 questions providing full disclosure.
I have said it before but I am really happy with the direction and speed at which the UK is adapting the many changes that are needed to protect buyers (and lenders) from potential fraud and deceit.
I will keep you informed of the changes as they happen but it looks like it could be a disappointing summer for many of the slippery and shaddy characters in our industry.
Live with passion,
Brett Alegre-Wood