Advice please on selling UK house from Oz
 

We have the visas sorted out but are getting really frustrated with waiting for the house to sell (our fault, we waited until the visas were through before putting house up for sale - big mistake!!!).
Has anyone got any advice on leaving the UK house in the hands of a solicitor to sell it and moving over to Oz?
Am I right in assuming that we would be stung for tax if the house didn't sell within the first 6 months of us living in Oz???
Any advice would be gratefully received!!!!
Cheers
Shell

Re: Advice please on selling UK house from Oz
 

Just bumping this up to the top as I'm hoping for some advice.
Come on guys, there must be a few of you who have left the UK house in the hands of a solicitor to sell!
Cheers
Shell

Re: Advice please on selling UK house from Oz
 

Sorry you havnt had many replies!!!......... I think it is because basically nearly everyone is in the same boat!!??

We Are waiting for visa (actually waiting for CentreLink to interview brother for assurance of support - although bond was paid at beginning of July). But already we have booked our leaving do for 27th November. We have an offer on our house but alas they hav'nt sold theirs - eeekkk!!! :scared:

We are hoping to leave within the first 3 weeks of December and have decided to leave house over here going thru (fingers crossed), sign power of attorney over to mum and Brother here. Let some friends live in it for a while to house sit and pay a little rent too, and then keep fingers crossed that it will all go through in the next 6 months. The other thing we have done is release some capital from the house to see us through until it sells!

Its all very scary!!!!

Sorry not much advice for you tho -..... but hopefully you will see that its not just you who feels crazy??

All the best let us know what you decide....... :)

Re: Advice please on selling UK house from Oz
 

Hi,

not sure about the tax thing, I seem to think there's a clause that if you are selling your main and only residence (i.e. don't buy in Oz 'til you sell here) then it can be offset somehow. I'd speak to a tax specialist asap. We're also considering doing it, so we can start the children in school in January. Loads of specialists advertise in the Australian News and on links from this site.

Keep me informed if you get any 'proper' advice!!!!! ;)

Best of luck,

Phil

Re: Advice please on selling UK house from Oz
 

Forget that load of tosh I wrote before. Just found the article I was thinking of and quote:
".....the proceeds of the sale of a house that has been your main residence isnot subject to tax.........as long as they are remitted within a short period of time after you become an Australian tax resident"

This is from the M.D of Go Matilda in an article he wrote in this month's Aussie News. The exemption bit was on rental income/capital gain of a rental property in the UK whilst not owning a home in Oz yet.

If you can understand all that I'll take my hat off to you!!!!!! ;)

Kind regards,

Phil