Has anybody....................
May 10th 2007, 11:01 am
#1
Forum Regular
Thread Starter
Joined: Feb 2007
Location: was Preston now sunny Perth
Posts: 158
Has anybody....................
who has struggled to sell their house, took out a secured loan on the property to fund the move and then rented the house out till its sold??????
Any advice would be appreciated
Sam
Any advice would be appreciated
Sam
May 10th 2007, 11:11 am
#2
BE Enthusiast
Joined: Apr 2007
Location: Adelaide
Posts: 318
Re: Has anybody....................
I've not, but would a remortgage not be potentially cheaper?
May 10th 2007, 11:13 am
#3
Australia's Doorman
Joined: Jan 2005
Location: The Shoalhaven, New South Wales, Australia
Posts: 11,056
May 10th 2007, 11:14 am
#4
Born to be wild....
Joined: Mar 2005
Location: Northants to Brisbane.
Posts: 5,450
Re: Has anybody....................
I looked at this but remember you need to pay the mortgage whilst in OZ, maybe increase the mortgage and leave some money here to make the repayments until house has sold, although in my opinion you are taking a risk and hoping all works out in a timely manner.
Myself I would just be patient.
Myself I would just be patient.
May 10th 2007, 11:21 am
#5
Account Closed
Joined: Jul 2006
Posts: 2,199
Re: Has anybody....................
They moved to Perth Oct 06, on a sponsored visa. Couldn't sell house in time, so they got a loan for 25 thousand pounds (sorry i can't find my pound sign) to fund the move to OZ.
The house was empty for a while, then tennants moved in 1 month later.
Meanwhile, the husband couldn't find work through the sponsor. Christmas went by and still no work, by this time there money was running out. End of January 07 they moved back to UK, back in their house as it never sold!!!
Not sure if they should have stayed longer, maybe they would have if they had sold their home in UK. I do think they gave in too easily.
So make sure you have a job to go to, or else things could go titty up!!
May 10th 2007, 11:37 am
#6
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Thread Starter
Joined: Feb 2007
Location: was Preston now sunny Perth
Posts: 158
Re: Has anybody....................
Thanks for the replies
I know what you mean Paul rachel, friends of ours did a simular thing, but the end to their story was they could no longer pay the mortgage and loan and subsequently their house got repossessed, this was last year and they are still in Oz and have just bought their first proerty over their.
I know its not ideal but just wondered if any one had done it with a positive result.
Sam
I know what you mean Paul rachel, friends of ours did a simular thing, but the end to their story was they could no longer pay the mortgage and loan and subsequently their house got repossessed, this was last year and they are still in Oz and have just bought their first proerty over their.
I know its not ideal but just wondered if any one had done it with a positive result.
Sam
May 10th 2007, 12:05 pm
#7
Forum Regular
Joined: May 2007
Location: in limbo..
Posts: 78
Re: Has anybody....................
Thanks for the replies
I know what you mean Paul rachel, friends of ours did a simular thing, but the end to their story was they could no longer pay the mortgage and loan and subsequently their house got repossessed, this was last year and they are still in Oz and have just bought their first proerty over their.
I know its not ideal but just wondered if any one had done it with a positive result.
Sam
I know what you mean Paul rachel, friends of ours did a simular thing, but the end to their story was they could no longer pay the mortgage and loan and subsequently their house got repossessed, this was last year and they are still in Oz and have just bought their first proerty over their.
I know its not ideal but just wondered if any one had done it with a positive result.
Sam
I'm sure I saw a thread yesterday, where someone said that once they were resident in Oz, and they sold their house there was some issue with Capital Gains tax??! Sorry can't be more specific I didn't pay much attention as we will have to sell ours in order to go! Will try and see if i can find it for you!
May 10th 2007, 12:18 pm
#8
Forum Regular
Joined: May 2007
Location: in limbo..
Posts: 78
Re: Has anybody....................
I'm sure I saw a thread yesterday, where someone said that once they were resident in Oz, and they sold their house there was some issue with Capital Gains tax??! Sorry can't be more specific I didn't pay much attention as we will have to sell ours in order to go! Will try and see if i can find it for you!
http://britishexpats.com/forum/showthread.php?t=448675
