Since 2008, The Council of Mortgage Lenders (CML) has required builders/developers/local authorities and Registered Providers to complete a Disclosure of Incentives Form (DOIF) for anyone purchasing newly built, converted or renovated properties.
From 1 October 2011, all parties will be required to fill out an updated version of the CML Disclosure of Incentives Form; ‘Version 2’ (click here). The CML has been updated and the principle changes are:
- more detailed information will need to be provided in relation to shared ownership, shared equity and part exchanges; and
- the CML has become aware that, in cases involving options to buy, third party payments and finder's fees are not being disclosed. The form has been amended to ensure that these arrangements are now fully disclosed.
The new form should be used from 1 October 2011.