Living in Australia: UK property rented out

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Oct 21st 2006, 1:46 am

#16

Jayniebabes

Forum Regular

Joined: Nov 2005

Location: Dianella, Perth, WA

Posts: 104

Re: Living in Australia: UK property rented out

As all others have said what they told you is rubbish - we rent out our house in UK - all we did was clear with with mortgage people - more to be safe than sorry, we can rent forever if we wish.

Good luck sorting yours

Jayne

Quote:

Originally Posted by pjgexpat

I currently own a property in the UK - have a mortgage (in this case with OneAccount). Living in the property and working locally.

Within the next few months I'm looking to move to Australia - permanently - and rent out my UK property and retain a UK mortgage, preferably the existing mortgage. On speaking to OneAccount, I'm advised "Living in Australia and renting out a UK property (with a UK mortgage) is not possible". Living in any other country and renting out the UK property is not an problem.

So, as anyone had similar experience? Any advice?

I don't really want to sell the property for several reasons, one of which being in makes long term financial sence to keep the property...

Any help appreciated :-)

Paul

Oct 22nd 2006, 9:57 pm

#17

Poppy

Forum Regular

Joined: May 2003

Location: London

Posts: 202

Re: Living in Australia: UK property rented out

We have rented our house out in London and leave for Oz in three weeks. We are in the process of changing to a Buy To Let Mortgage and realeasing some equity to pay off debts and take some with us. Our tennants move in on November 11th. We have used an agent to manage it and you can offset their fees, the mortgage (buy to let's are usually interest only because of tax reasons), any maintenance costs etc so we are hoping it won't be too bad, but you must fill in an NRL form or something like that for the inland revenue before you go otherwise, you could be stung big time for tax.

Good luck whatever you decide to do.