Property buying bureaucracy - buy to let mortgages

13 July 2009

The property buying process has been described as unsurprisingly "quite bureaucratic".

Content editor at housing portal FindaProperty.com Michael O'Flynn indicated that, despite the lengthy procedure involved in securing bricks and mortar, it is important not to cut corners.

Advice of this kind should be heeded by all homebuyers, including landlords with buy to let mortgages.

Commenting on the process further, Mr O'Flynn remarked: "Given the expense of the transactions, it's not surprising that there is a lot of paperwork."

One form of bureaucracy is the stamp duty, but buyers at the lower end of the market have been able to benefit from a higher tax threshold since the recession took hold.

Last year, prime minister Gordon Brown increased the cut-off point for paying tax on a property purchase to involve all deals worth up to £175,000.

This arrangement will be in place for the rest of 2009, but is scheduled to revert back to the previous threshold of £125,000 as 2010 gets underway.

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