Revised Stamp Duty rules carry new burden for industry, says Quest

Following the 2010 Budget, Quest, the major technology provider in the survey and mortgage valuation market, has welcomed steps to support first-time buyers entering the property market with the relief from Stamp Duty Land Tax on purchases up to £250,000. However, Quest believes the new legislation also brings due-diligence issues between lenders and solicitors.

Commenting on the announcements, James Sherwood-Rogers, managing director of Quest said, “Any steps to stimulate the housing market and encourage the return of first-time buyers are clearly a welcome move at this time. But once again the problem is how, practically, these sound-bite guidelines can be administered and who carries the burden.

"We understand that the first-time buyer (or all buyers if joint purchase) must not have previously owned a property anywhere in the world. Lenders and solicitors have been given just 24 hours to cross-border due diligence procedures which currently do not exist. It is now up to the industry to work together in formulating a way in which this can be successfully managed.”

For further information on Q-Guard, visit: questuk.com