Property buying process 'could be simplified'

Posted: 08 Jul 2009 10:13:43 GMT

The property buying process in the UK could be simplified, according to one industry figure.

Michael O'Flynn, content editor at website FindaProperty.com, said that it is currently "quite bureaucratic", although the advent of digital technology has made the procedure "less arduous".

Commenting further, he claimed: "Given the expense of the transactions, it's not surprising that there is a lot of paperwork and anyone buying should remember that in the UK it's still a case of caveat emptor [let the buyer beware], so don't try and cut corners."

If it suits, selling a property privately via the web may be one way of making the home-moving process more straightforward.

For those who are doing so, knowledge of HM Revenue & Customs' current stamp duty rates may be useful.

Properties purchased up to £175,000 fall out of the stamp duty threshold - this will remain the case until December 31st 2009.

There is a one per cent rate on properties purchased between £175,000 and £250,000, a three per cent levy on those bought for between £250,000 and £500,000, and a four per cent tax on homes accrued for £500,000 or more.



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