Keeping property in uk
Aug 22nd 2007, 7:47 pm
#1
Just Joined
Thread Starter
Joined: Aug 2007
Location: kent england
Posts: 2
Keeping property in uk
Hi everyone.
We are in the process of applyng for a job in australia.The main problem is our son who is 19 and wants to remain in uk.Have any of you had similar problems,we are planning if successful to allow him to remain in family home.
We are in the process of applyng for a job in australia.The main problem is our son who is 19 and wants to remain in uk.Have any of you had similar problems,we are planning if successful to allow him to remain in family home.
Aug 22nd 2007, 10:54 pm
#2
BE Enthusiast
Joined: Aug 2003
Location: VIC Mornington Peninsula
Posts: 550
Re: Keeping property in uk
Hi, we have kept our property in the UK but it is being rented out through an Agent. Shame your son will not go with you. Sorry if I'm going over stuff you''ve already discussed but would he go for a couple of years in order to get Citizenship and keep his future options open?
The main thing we've been told about keeping a UK property is that if you sell it after you have made Australia your main residence any profit made after it stopped being your main residence will be subject to Capital Gains Tax. If you are renting in OZ your UK home will still be considered your main residence even though you're not actually living in it. If/when you buy in Oz then the Oz property will be your main residence.
I'm not sure if you can later swap residences about if you return as we are planning to get some proper financial advice but hope this info helps a little bit. Also, seeing as it's your son that will be residing at the property there may be some legal things you can do to reduce any future charges etc.
Also, we remortgaged & converted the loan to interest only on our UK property prior to renting it out in order to finance the move to Oz and have a lovely holiday on the way over. It was also better for tax purposes to have an interest only loan. This has enabled us to buy a small Australian house in a nice spot as we're still undecided whether to sell up the UK house as yet.
Best of luck
Caroline
The main thing we've been told about keeping a UK property is that if you sell it after you have made Australia your main residence any profit made after it stopped being your main residence will be subject to Capital Gains Tax. If you are renting in OZ your UK home will still be considered your main residence even though you're not actually living in it. If/when you buy in Oz then the Oz property will be your main residence.
I'm not sure if you can later swap residences about if you return as we are planning to get some proper financial advice but hope this info helps a little bit. Also, seeing as it's your son that will be residing at the property there may be some legal things you can do to reduce any future charges etc.
Also, we remortgaged & converted the loan to interest only on our UK property prior to renting it out in order to finance the move to Oz and have a lovely holiday on the way over. It was also better for tax purposes to have an interest only loan. This has enabled us to buy a small Australian house in a nice spot as we're still undecided whether to sell up the UK house as yet.
Best of luck
Caroline
Aug 22nd 2007, 11:15 pm
#3
Joined: May 2006
Location: in the Sydney asylum
Posts: 20,690
Re: Keeping property in uk
we have decided to rent out and pay his deposit and first months rent on a flat for him and then hes on his own!!
he has the choice of coming with us, he wants to cut the apron strings so fine!!
Aug 23rd 2007, 9:33 am
#4
Forum Regular
Joined: Mar 2007
Location: Scotland
Posts: 36
Re: Keeping property in uk
Hi, we have kept our property in the UK but it is being rented out through an Agent. Shame your son will not go with you. Sorry if I'm going over stuff you''ve already discussed but would he go for a couple of years in order to get Citizenship and keep his future options open?
The main thing we've been told about keeping a UK property is that if you sell it after you have made Australia your main residence any profit made after it stopped being your main residence will be subject to Capital Gains Tax. If you are renting in OZ your UK home will still be considered your main residence even though you're not actually living in it. If/when you buy in Oz then the Oz property will be your main residence.
I'm not sure if you can later swap residences about if you return as we are planning to get some proper financial advice but hope this info helps a little bit. Also, seeing as it's your son that will be residing at the property there may be some legal things you can do to reduce any future charges etc.
Also, we remortgaged & converted the loan to interest only on our UK property prior to renting it out in order to finance the move to Oz and have a lovely holiday on the way over. It was also better for tax purposes to have an interest only loan. This has enabled us to buy a small Australian house in a nice spot as we're still undecided whether to sell up the UK house as yet.
Best of luck
Caroline
The main thing we've been told about keeping a UK property is that if you sell it after you have made Australia your main residence any profit made after it stopped being your main residence will be subject to Capital Gains Tax. If you are renting in OZ your UK home will still be considered your main residence even though you're not actually living in it. If/when you buy in Oz then the Oz property will be your main residence.
I'm not sure if you can later swap residences about if you return as we are planning to get some proper financial advice but hope this info helps a little bit. Also, seeing as it's your son that will be residing at the property there may be some legal things you can do to reduce any future charges etc.
Also, we remortgaged & converted the loan to interest only on our UK property prior to renting it out in order to finance the move to Oz and have a lovely holiday on the way over. It was also better for tax purposes to have an interest only loan. This has enabled us to buy a small Australian house in a nice spot as we're still undecided whether to sell up the UK house as yet.
Best of luck
Caroline
Caroline,
We are going to rent our house in the uk. Can we ask who your interest only mortgage is with and was it a buy to let mortgage or traditional?
Regards
Kevin
Aug 23rd 2007, 10:17 pm
#5
BE Enthusiast
Joined: Aug 2003
Location: VIC Mornington Peninsula
Posts: 550
Re: Keeping property in uk
When it came to letting the house out we just had to ask the the lenders permission and pay a letting fee. They were fine about it as we were letting through a well known agent and it was a regular shorthold tenancy agreement. The type of mortgage deal and interest rate has stayed the same as when we were living in the property.
Best of luck
Caroline
