From The BBC:
New rules have come into force to stop mortgage lenders becoming the victims of over-inflated property valuations.
From now on, developers and builders must reveal if they have offered buyers incentives, such as cash-backs, fitted kitchens or paid-for legal fees.
Lenders are worried these incentives have led to some properties being sold for more than they are worth.
In particular they have been worried about newly built city-centre flats, whose prices have now slumped.
The new rules for the conveyancing industry have been issued by bodies such as the Council of Mortgage Lenders (CML) and the Royal Institution of Chartered Surveyors (Rics).
They have also been supported by the Law Society of England & Wales, the Home Builders’ Federation, Homes for Scotland and the Construction Employers Federation.
Builders or developers of any newly-built, converted or renovated properties will have to complete a 12-question form, revealing to lenders and surveyors any incentives they…
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