Do we rent our house or sell it!
Jan 8th 2008, 3:18 pm
#31
BE Enthusiast
Thread Starter
Joined: Sep 2007
Posts: 364
Re: Do we rent our house or sell it!
If you rent it....
Get an NRL1 from for the tax office. That way you'll recive 100% of the rent, without the form the renatl agent must (by law) deduct income tax from the rent.
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
Check out Rent insurance, to cover the rent if the tenant cannot pay. They will pay the rent for as long as it takes to get the ouse back so that it can be rented again. I think we pay aout 250 GBP per year.
www.letsure.co.uk
Check out British gas Home Care to cover all your plumbing, electrics, central heating etc.
We had the central heating control pack up last year and the boiler before that... Well worth the money.
http://www.britishgas.co.uk/products...down-care.html
Recommend you use an agent (that you know is good). Our agent sends the money on time every month and telephones with any problems or questions.
My Tax accountant suggested I work out how much income I have received from the property
Deduct all the expences, rental agent, insurance, maintainance 1 X flight to the UK to check on the property (if the property is in joint name you claim 1 X flight each).
If you can show you made a loss, then this is a tax deduction which can be claimed for. I think it's called negative gearing here in Oz.
Neil.
Get an NRL1 from for the tax office. That way you'll recive 100% of the rent, without the form the renatl agent must (by law) deduct income tax from the rent.
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
Check out Rent insurance, to cover the rent if the tenant cannot pay. They will pay the rent for as long as it takes to get the ouse back so that it can be rented again. I think we pay aout 250 GBP per year.
www.letsure.co.uk
Check out British gas Home Care to cover all your plumbing, electrics, central heating etc.
We had the central heating control pack up last year and the boiler before that... Well worth the money.
http://www.britishgas.co.uk/products...down-care.html
Recommend you use an agent (that you know is good). Our agent sends the money on time every month and telephones with any problems or questions.
My Tax accountant suggested I work out how much income I have received from the property
Deduct all the expences, rental agent, insurance, maintainance 1 X flight to the UK to check on the property (if the property is in joint name you claim 1 X flight each).
If you can show you made a loss, then this is a tax deduction which can be claimed for. I think it's called negative gearing here in Oz.
Neil.
if we were to rent house we will just cover our mortgage with rent so we may have to pay the extra costs of agent etc. ourselves (which is fine) but just a little unsure yet if we can get any more from mortgage to help us set up in Oz , will have to watch our pennys
also if we haven't got equity to pay off all debts can we continue paying a UK loan if we are in Oz
thanks
cheryl
Jan 8th 2008, 4:01 pm
#32
Forum Regular
Joined: Feb 2007
Location: SOuth Australia
Posts: 63
Re: Do we rent our house or sell it!
If you rent it....
Get an NRL1 from for the tax office. That way you'll recive 100% of the rent, without the form the renatl agent must (by law) deduct income tax from the rent.
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
Check out Rent insurance, to cover the rent if the tenant cannot pay. They will pay the rent for as long as it takes to get the ouse back so that it can be rented again. I think we pay aout 250 GBP per year.
www.letsure.co.uk
Check out British gas Home Care to cover all your plumbing, electrics, central heating etc.
We had the central heating control pack up last year and the boiler before that... Well worth the money.
http://www.britishgas.co.uk/products...down-care.html
Recommend you use an agent (that you know is good). Our agent sends the money on time every month and telephones with any problems or questions.
My Tax accountant suggested I work out how much income I have received from the property
Deduct all the expences, rental agent, insurance, maintainance 1 X flight to the UK to check on the property (if the property is in joint name you claim 1 X flight each).
If you can show you made a loss, then this is a tax deduction which can be claimed for. I think it's called negative gearing here in Oz.
Neil.
Get an NRL1 from for the tax office. That way you'll recive 100% of the rent, without the form the renatl agent must (by law) deduct income tax from the rent.
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
Check out Rent insurance, to cover the rent if the tenant cannot pay. They will pay the rent for as long as it takes to get the ouse back so that it can be rented again. I think we pay aout 250 GBP per year.
www.letsure.co.uk
Check out British gas Home Care to cover all your plumbing, electrics, central heating etc.
We had the central heating control pack up last year and the boiler before that... Well worth the money.
http://www.britishgas.co.uk/products...down-care.html
Recommend you use an agent (that you know is good). Our agent sends the money on time every month and telephones with any problems or questions.
My Tax accountant suggested I work out how much income I have received from the property
Deduct all the expences, rental agent, insurance, maintainance 1 X flight to the UK to check on the property (if the property is in joint name you claim 1 X flight each).
If you can show you made a loss, then this is a tax deduction which can be claimed for. I think it's called negative gearing here in Oz.
Neil.
jayneX
Jan 8th 2008, 4:06 pm
#33
Forum Regular
Joined: Feb 2007
Location: SOuth Australia
Posts: 63
Re: Do we rent our house or sell it!
Because of his shifts I'm left to deal with everything, It can't be helped just going through the motions of shipping agents now. Down to 3. Where are you off to....
Jan 8th 2008, 6:57 pm
#34
Forum Regular
Joined: Jul 2007
Location: Living in Mornington Melbourne !!!!
Posts: 267
Re: Do we rent our house or sell it!
well just put a thread out bout renting and then found this and how usfeful this was !!!!!!!
neil that info was fantastic. sent u a PM.
its all very stressful selling or renting !!!!! we just want to go to oz but dont want to have to be waiting around forever for the house to sell, but dont want to leave property empty either so this is why we thought of renting.I did want to 'wipe the slate clean' as they say and start a new life clean and free in oz but i suppose the good side is yes we have the security of a property of in the uk..
Diane & Mic
neil that info was fantastic. sent u a PM.
its all very stressful selling or renting !!!!! we just want to go to oz but dont want to have to be waiting around forever for the house to sell, but dont want to leave property empty either so this is why we thought of renting.I did want to 'wipe the slate clean' as they say and start a new life clean and free in oz but i suppose the good side is yes we have the security of a property of in the uk..
Diane & Mic
Jan 8th 2008, 7:07 pm
#35
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Joined: Jun 2007
Location: Woodvale WA
Posts: 310
Re: Do we rent our house or sell it!
Hi
We sold after acknowledgement the sale is complete in 2 weeks however the investment bond we rely on has been withdrawn (this the very reason for the sale in the first place) so we face no house and no visa.
Our application is on hold and we are buying again! It would seem the bond will be scrapped for good. This time we intend to keep the new house once the dream visa arrives and after renting it out for 6 months we will decide which way to go.
And you thought you had complications!!
Good Luck
We sold after acknowledgement the sale is complete in 2 weeks however the investment bond we rely on has been withdrawn (this the very reason for the sale in the first place) so we face no house and no visa.
Our application is on hold and we are buying again! It would seem the bond will be scrapped for good. This time we intend to keep the new house once the dream visa arrives and after renting it out for 6 months we will decide which way to go.
And you thought you had complications!!
Good Luck
Jan 8th 2008, 7:37 pm
#36
Forum Regular
Joined: Jul 2007
Location: Living in Mornington Melbourne !!!!
Posts: 267
Re: Do we rent our house or sell it!
Hi
We sold after acknowledgement the sale is complete in 2 weeks however the investment bond we rely on has been withdrawn (this the very reason for the sale in the first place) so we face no house and no visa.
Our application is on hold and we are buying again! It would seem the bond will be scrapped for good. This time we intend to keep the new house once the dream visa arrives and after renting it out for 6 months we will decide which way to go.
And you thought you had complications!!
Good Luck
We sold after acknowledgement the sale is complete in 2 weeks however the investment bond we rely on has been withdrawn (this the very reason for the sale in the first place) so we face no house and no visa.
Our application is on hold and we are buying again! It would seem the bond will be scrapped for good. This time we intend to keep the new house once the dream visa arrives and after renting it out for 6 months we will decide which way to go.
And you thought you had complications!!
Good Luck
Di & Mic
Jan 15th 2008, 2:09 pm
#37
Forum Regular
Joined: Jul 2007
Posts: 159
Re: Do we rent our house or sell it!
Just came accross this thread, and it has been very helpful, have decided for us it is best to rent our house here, but didnt realise that we'd have to swap to a buy to let mortgage and it would cost more!
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Jan 15th 2008, 4:18 pm
#38
Banned
Joined: Dec 2007
Posts: 172
Re: Do we rent our house or sell it!
Just came accross this thread, and it has been very helpful, have decided for us it is best to rent our house here, but didnt realise that we'd have to swap to a buy to let mortgage and it would cost more!
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Jan 16th 2008, 9:52 am
#39
Just Joined
Joined: Jan 2008
Posts: 11
Re: Do we rent our house or sell it!
Just came accross this thread, and it has been very helpful, have decided for us it is best to rent our house here, but didnt realise that we'd have to swap to a buy to let mortgage and it would cost more!
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Has anyone else got any info about costs involved etc. when renting out in the UK and then moving to Oz and renting there?
Am a complete beginner, so dont be afraid to put down the very basics
Jan 18th 2008, 7:19 pm
#40
Forum Regular
Joined: Jul 2007
Location: Living in Mornington Melbourne !!!!
Posts: 267
Re: Do we rent our house or sell it!
diane
Jan 19th 2008, 9:01 pm
#41
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Joined: Jan 2007
Location: Formerly Basingstoke now Gold Coast
Posts: 721
Re: Do we rent our house or sell it!
If you like it in Oz which is what you are all hoping why do you want to keep a house thousands of miles away?
If you sell the house in a few years time you will have to pay capital gains tax on the amount it has gone up. If the money is invested in your house in Oz you dont have to worry about taxes.
The way to make it over here is to get stuck into the way of life and be positive about what you are doing and why you changed your life so much. Wondering about what its like back in the UK and thinking about your old house is not the way to succeed here. You can stay on the property ladder here and keep an eye on things easily. I sold investmet properties before I moved over here and was a landlord for 7 years and there was hardly a month that went by when I didnt have to fix or mend something.
If you sell the house in a few years time you will have to pay capital gains tax on the amount it has gone up. If the money is invested in your house in Oz you dont have to worry about taxes.
The way to make it over here is to get stuck into the way of life and be positive about what you are doing and why you changed your life so much. Wondering about what its like back in the UK and thinking about your old house is not the way to succeed here. You can stay on the property ladder here and keep an eye on things easily. I sold investmet properties before I moved over here and was a landlord for 7 years and there was hardly a month that went by when I didnt have to fix or mend something.
Jan 20th 2008, 9:50 am
#42
Forum Regular
Joined: Jul 2007
Location: Living in Mornington Melbourne !!!!
Posts: 267
Re: Do we rent our house or sell it!
If you like it in Oz which is what you are all hoping why do you want to keep a house thousands of miles away?
If you sell the house in a few years time you will have to pay capital gains tax on the amount it has gone up. If the money is invested in your house in Oz you dont have to worry about taxes.
The way to make it over here is to get stuck into the way of life and be positive about what you are doing and why you changed your life so much. Wondering about what its like back in the UK and thinking about your old house is not the way to succeed here. You can stay on the property ladder here and keep an eye on things easily. I sold investmet properties before I moved over here and was a landlord for 7 years and there was hardly a month that went by when I didnt have to fix or mend something.
If you sell the house in a few years time you will have to pay capital gains tax on the amount it has gone up. If the money is invested in your house in Oz you dont have to worry about taxes.
The way to make it over here is to get stuck into the way of life and be positive about what you are doing and why you changed your life so much. Wondering about what its like back in the UK and thinking about your old house is not the way to succeed here. You can stay on the property ladder here and keep an eye on things easily. I sold investmet properties before I moved over here and was a landlord for 7 years and there was hardly a month that went by when I didnt have to fix or mend something.
we all have hopes and wishes of getting to oz and loving every minute But there can always be a BUT. I understand what u are saying and what u did was ur choice of ur best options i suppose, my reason for renting is mainly due slow housemarket over here and i dont want to be stuck here waiting for my house to sell.
Diane
Jan 20th 2008, 10:05 am
#43
Just Joined
Joined: Jan 2008
Posts: 11
Re: Do we rent our house or sell it!
Quite simple really why I want to keep hold of my UK property. Basically its a beautiful house and will tick along quite nicely being rented. With the pound so strong against the dollar it's a great investment long-term. My ten year plan is to try and own two properties one in the UK and one in Australia, so that when I get older and greyer we have options. I also run a small UK business which will carry on while i'm in Australia so it all seems logical not to put all my eggs in one basket.
Last edited by Rennihammer; Jan 20th 2008 at 10:08 am.
Jan 20th 2008, 10:35 am
#44
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Joined: Jan 2007
Location: Formerly Basingstoke now Gold Coast
Posts: 721
Re: Do we rent our house or sell it!
I am only making suggestions and do not think for one minute that I am right but I can only go with my instincts.
Renni I suggest that you start to read the Times or the Times Online as the money experts are predicting that the pound is going to spirrall downwards. The pound is currently weak against the Ozzie dollar.
The interst rates you can get in Oz are 7% and possibly rising during the first 6 months of this year which are guaranteed. The housing market in the UK can not at this moment in time be regarded as a safe or sound investment where as there are areas of Australia that are still rising. There is lots of talk about a recession in the UK while Oz is boomong.
Diane I wish you all the best with your journey and really hope all goes well for you but its a lot easier to sell a house while you are in the UK rather than trying to sell it from here.
Its great here and loads of opportunites to make it what you want to but money helps. Having it tied up in bricks and mortar in the UK does nothing to help you here apart from feeling safe that you can return home when it gets a but tough which it will do at times.
Renni I suggest that you start to read the Times or the Times Online as the money experts are predicting that the pound is going to spirrall downwards. The pound is currently weak against the Ozzie dollar.
The interst rates you can get in Oz are 7% and possibly rising during the first 6 months of this year which are guaranteed. The housing market in the UK can not at this moment in time be regarded as a safe or sound investment where as there are areas of Australia that are still rising. There is lots of talk about a recession in the UK while Oz is boomong.
Diane I wish you all the best with your journey and really hope all goes well for you but its a lot easier to sell a house while you are in the UK rather than trying to sell it from here.
Its great here and loads of opportunites to make it what you want to but money helps. Having it tied up in bricks and mortar in the UK does nothing to help you here apart from feeling safe that you can return home when it gets a but tough which it will do at times.
Jan 20th 2008, 12:17 pm
#45
Forum Regular
Joined: Jul 2007
Location: Living in Mornington Melbourne !!!!
Posts: 267
Re: Do we rent our house or sell it!
Hi thanks for ur wishes,
what we might do is put it on the market and see how it goeas then when we have a d8 to go leave it to the estate agents t sell, also our neighbour has said she will help sell it and look after it wilst on mkt if we go. just see what happens.
Diane
what we might do is put it on the market and see how it goeas then when we have a d8 to go leave it to the estate agents t sell, also our neighbour has said she will help sell it and look after it wilst on mkt if we go. just see what happens.
Diane