Selling/renting out house in UK
May 12th 2011, 1:03 pm
#16
BE Forum Addict
Joined: Mar 2009
Posts: 1,412
Re: Selling/renting out house in UK
DO NOT LOOK AT THIS LINK, it will destroy your value system...
http://www.russellshorto.com/article...very-old-house
http://www.russellshorto.com/article...very-old-house
May 16th 2011, 3:38 pm
#17
Forum Regular
Joined: Jul 2010
Posts: 65
Re: Selling/renting out house in UK
We have just sold our house STC, went on the market last November. It has sold for £187000, we bought it for £182000 in 2005 and is in pretty much the same condition as when we bought it. Equity = £120000
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
May 16th 2011, 7:53 pm
#18
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Selling/renting out house in UK
We have just sold our house STC, went on the market last November. It has sold for £187000, we bought it for £182000 in 2005 and is in pretty much the same condition as when we bought it. Equity = £120000
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
Why wouldn't you put all £80k into it if this is what you want to do.
May 16th 2011, 8:59 pm
#19
BE Forum Addict
Joined: Aug 2010
Location: Not Brisbane
Posts: 1,210
Re: Selling/renting out house in UK
We have just sold our house STC, went on the market last November. It has sold for £187000, we bought it for £182000 in 2005 and is in pretty much the same condition as when we bought it. Equity = £120000
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
We do not want to take much capital to Oz.....just enough for a deposit say £40000.
Where should we invest the remaining £80000? We want to keep it in sterling.
We are considering a buy to let in the UK, say £100000 flat, with a deposit of £40000 (endowments should easily cover that), the rest on mortgage (£40000interest only, £20000 repayment), and it should pay for itself.
Should we bother or just stick the money in the bank?
May 17th 2011, 9:36 pm
#21
Forum Regular
Joined: Jul 2010
Posts: 65
Re: Selling/renting out house in UK
Am now thinking that it may be best waiting for 2 to 3 years before buying in UK again. In which case we will bank all but what we need to take with us.
Is it easy to get a mortgage in UK from Oz? I see there are a few companies specialising in that.
May 24th 2011, 4:14 pm
#23
Just Joined
Joined: May 2011
Location: London
Posts: 4
Re: Selling/renting out house in UK
Well we have spent the last few months getting the house ready for sale or rent. We would love to keep the house initially (in case we don't like/ can't settle in Australia) and rent it out, but are a bit put off by the hassle that may go with it, (bad tenants, repairs etc.)
So we decided to get it valued for sale, we had two agents out yesterday to measure up and look around, we were totally shocked by the valuations but think they must be right 'ish' as they were both very similar, so we've got another different agent coming out later today to give their opinion, and to see if it's similar to what the other two were saying. Then when we've got all the info we will sit down and decide what is the best thing to do for us.
How have others recently putting their house on the market (sale or rent) found things, have you been shocked by your valuation? had many viewings? had decent offers/silly offers etc. and how long has it taken or taking?
Sorry for all of the questions, i just don't want to rush into making a decision without hearing feedback from real people who are going through a similar thing, rather than agents with the sales patter wanting to sign you up, and get your money!!
Thankyou, Bec
So we decided to get it valued for sale, we had two agents out yesterday to measure up and look around, we were totally shocked by the valuations but think they must be right 'ish' as they were both very similar, so we've got another different agent coming out later today to give their opinion, and to see if it's similar to what the other two were saying. Then when we've got all the info we will sit down and decide what is the best thing to do for us.
How have others recently putting their house on the market (sale or rent) found things, have you been shocked by your valuation? had many viewings? had decent offers/silly offers etc. and how long has it taken or taking?
Sorry for all of the questions, i just don't want to rush into making a decision without hearing feedback from real people who are going through a similar thing, rather than agents with the sales patter wanting to sign you up, and get your money!!
Thankyou, Bec
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
May 24th 2011, 10:35 pm
#24
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Selling/renting out house in UK
Hi,
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
May 24th 2011, 11:12 pm
#25
BE Enthusiast
Joined: Jan 2010
Posts: 440
Re: Selling/renting out house in UK
Why not buy some premium bonds? I'm not saying it is a good investment as the average pay out is only 1.5%, so your investment is most likely to decline versus inflation, but my wife, daughter and I have a lot of fun every month checking to see if we've won the million!
We have around GBP 50K between us and win a couple of prizes most months (odds of a prize for each one pound bond are 24,000 to 1).
They are tax free to UK residents so we use a UK address (wouldn't want to pay the Aussie taxman if we did win big!)
Will eventually be used to pay my daughters university fees from 2012 onwards.
We have around GBP 50K between us and win a couple of prizes most months (odds of a prize for each one pound bond are 24,000 to 1).
They are tax free to UK residents so we use a UK address (wouldn't want to pay the Aussie taxman if we did win big!)
Will eventually be used to pay my daughters university fees from 2012 onwards.
May 25th 2011, 2:03 pm
#26
Account Closed
Thread Starter
Joined: Oct 2008
Posts: 114
Re: Selling/renting out house in UK
Hi,
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
Good luck with your move, hope it all goes as smoothly as possible.
May 26th 2011, 5:03 am
#27
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Joined: Aug 2009
Posts: 576
Re: Selling/renting out house in UK
I think were just going to have to go for it and take our chances, we moved in April 2010 so have been here just over a year, in our minds we thought we could sell it for £80,000 more than we paid and thought that the agents would say something similar give or take a few thousand, however the one that came today is telling us to put it on for £138,000 more than we paid for it just over a year ago, just can't believe someone would pay that much, but they're the ones who supposedly know the market and know what they're talking about, think we're also just dreading the whole process of being messed around, and dealing with useless agents, and the unknown!
May 26th 2011, 5:06 am
#28
BE Enthusiast
Joined: Aug 2009
Posts: 576
Re: Selling/renting out house in UK
Hi,
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
We put our house on the market, the agent overvalued it but we knew roughly what we wanted, we were lucky as we had a buyer within a week. My OH looked into if we kept the house and rented it out but he found some interesting info and that is that if you do not take all of your money with you within 6 months then you have to pay Australian Tax on what you bring in after that time, so we decided to sell and take our chances, We are hoping to move to Melbourne at the end of August. Good luck with whatever you decide to do.
May 26th 2011, 5:59 am
#30
BE Enthusiast
Joined: Aug 2009
Posts: 576
Re: Selling/renting out house in UK
Have you ever received a phone call or any sort of correspondence after transferring sums of money between the UK and Australia? - I don't think so