Anyone kept house in UK?
May 23rd 2006, 6:26 am
#1
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Thread Starter
Joined: Feb 2006
Location: Rockingham (ex-Manchester)
Posts: 20
Anyone kept house in UK?
I was wondering if anyone had retained their property in the UK (i.e. for personal reasons) whilst still moving to Australia. By retaining, I mean carrying on with mortgage repayments until completion. Would the mortgage lenders be concerned even if the repayments are paid each month? Are there any tax complications? Would there be any penalties for frequent transferance of money from Australia to UK and vice versa?
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
May 23rd 2006, 6:36 am
#2
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Joined: Apr 2004
Location: South Wales to New South Wales!
Posts: 3,065
Re: Anyone kept house in UK?
Originally Posted by mikpiy
I was wondering if anyone had retained their property in the UK (i.e. for personal reasons) whilst still moving to Australia. By retaining, I mean carrying on with mortgage repayments until completion. Would the mortgage lenders be concerned even if the repayments are paid each month? Are there any tax complications? Would there be any penalties for frequent transferance of money from Australia to UK and vice versa?
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
Hi
There are lots of people on here who have done this. We have kept our UK property but rather than selling it we're renting it out. Transferring funds isnt a problem at all but I cant help you with tax implications sorry. The mortgage company dont mind as long as they're getting they're money!
HTH
Rach xxxx
May 23rd 2006, 6:46 am
#3
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Anyone kept house in UK?
Originally Posted by mikpiy
I was wondering if anyone had retained their property in the UK (i.e. for personal reasons) whilst still moving to Australia. By retaining, I mean carrying on with mortgage repayments until completion. Would the mortgage lenders be concerned even if the repayments are paid each month? Are there any tax complications? Would there be any penalties for frequent transferance of money from Australia to UK and vice versa?
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
I'm a little intrigued with this scenario so was wondering if anyone else had done this before.
G
May 23rd 2006, 6:49 am
#4
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Joined: Apr 2004
Location: South Wales to New South Wales!
Posts: 3,065
Re: Anyone kept house in UK?
Originally Posted by Grayling
You will be liable for Australian tax on the rental income.
G
G
May 23rd 2006, 7:02 am
#5
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Anyone kept house in UK?
Originally Posted by tygwyn
If you tell them!
G
May 23rd 2006, 7:06 am
#6
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Joined: Apr 2004
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Re: Anyone kept house in UK?
Originally Posted by Grayling
You could end up as a criminal and then deported if you don't
G
G
May 23rd 2006, 7:07 am
#7
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Anyone kept house in UK?
Originally Posted by tygwyn
Dont worry G I was just kidding!
G
May 23rd 2006, 7:11 am
#8
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Joined: Apr 2004
Location: South Wales to New South Wales!
Posts: 3,065
Re: Anyone kept house in UK?
Originally Posted by Grayling
I was about to arrest you
G
G
