jazzys

Hi, I just wondered if many (or any) people have emigrated to Oz but kept their house in the UK.

Have you rented a home in Oz and rented your house out in the UK?

Is it a sensible idea?

Just rambling thoughts really but I don't want to "wish I had kept the house in England" argument to crop up a few months after we move.

Cheers

Jazzy

mattvicki

Hi Jazzy,

We are doing the same, as we don't know if we will stay.
*I believe* you should get the property valued before you leave because if you do sell up in a few years you will be liable to pay capital gains tax on any profit you make on the sale over the value it is at when you start to rent it out.
I think you have some thing like a year to sell it after emmigrating without incuring any CGT but it would be worth checking with an IFA.

Good Luck....we are still treading through the murky waters of Overseas landlord scheme tax deductions etc...great fun!!

Matt

jazzys

[QUOTE=mattvicki]Hi Jazzy,

We are doing the same, as we don't know if we will stay.
*I believe* you should get the property valued before you leave because if you do sell up in a few years you will be liable to pay capital gains tax on any profit you make on the sale over the value it is at when you start to rent it out.
I think you have some thing like a year to sell it after emmigrating without incuring any CGT but it would be worth checking with an IFA.

Good Luck....we are still treading through the murky waters of Overseas landlord scheme tax deductions etc...great fun!!

Matt[/QUOTE

Forgive me Matt, maybe I just don't know a good thing when I see it. But overseas landlord scheme tax deductions doesn't sound much fun.

Jazzy

helpwithvisa

Hi jazzyss,

we did exactly the same thing. we waited three years until we sold our house in the UK, left the money in the UK and then waited a further 2 years until we were absolutely sure. sounds a bit daft i know, but it worked for us.

Good luck

ljj

We rented our house as we knew if things didn't work out here we wouldn't want to live anywhere else other than THAT house.

Worked out for us, been here 2.5 years and just put it up for sale (for the second time long story about last year).

You don't pay Capital Gains Tax unless you have bought a property here before you sell a property there. The Taxman I spoke to said a reasonable time would be 6 years as long as you don't purchase here before selling.

Louise

Hutch

If you can afford not to sell your house then why not? It doesn't work out for everybody in Oz, and knowing you have your old base to return to would make any return transition infinitely more bearable.

h2oskineil

Hi

We have kept our house on in the UK for a number of reasons, manily as we do not yet have PR, (but hope to have it).

We also get AU$1500 a month from the property, which is nice.

Look at Landlord insurance (the premium is tax deductable), that way if the tenant defaults, you still get your money. We used Letsure in the Uk http://www.letsure.co.uk/landlords/rentprotection.htm

Also you will need to fill out a NRL1 form which means that you will recieve the full income from the tenant, but you are liable for income tax on the rent and will need to do a UK tax return. Anything over your allowance you will have to pay tax on.
Regards
Neil.

ladywithatorch

I'm selling our house as I'm worried that if I have a bolt-hole and if things don't work out, it will be too easy for me to go back to ole Blighty.

I want to base my experience, on deciding our future, by doing our damndest to make it work!!

I know there will be tough times and I'm frightened that if its too easy to go back to the UK I might regret NOT trying hard enough!!!

Just my own thoughts, coz I know what I'm like!!, but I also know that everyones different.

Bloody Hell - - -TOO MANY DECISIONS

xRachx

rangersman

I agree with ladywithatorch, yes you will have ups and downs but this is a life changing experience and running back to Blighty where you didnt really want to be isn't going to help you, and the way the house prices in perth are going up would you lose money anyway,Paul

jazzys

Yeah thats the way I was thinking as well. I don't want it to be too easy to throw the towel in and say "OK I've tried it,I don't like it, now can we please go home"

I'm quite sure I won't do that but my wife might.

The question is, would any house I bought in Oz go up more in value than the one I left in England.

I intend living in the Brisbane area.

rangersman

come to perth they are going up on avg $1000 a week

jazzys

Nah sorry mate, I've been to Perth and I always thought it was too windy.

Nice but windy.

And I won't be there for another year, which means they will have gone up another 52 grand by the time I want one.

Jazzy

lollyno1

im selling...hopefully...dont think i have much of a choice...i wont have employment when i get there and have NO SAVINGS at present so house sale is the only option. anyway its a four bed and theres only myself and my son. if it dosnt work out ill will just have to live with my mother.... :scared:

thats more scary than moving away..
regards

lollyno1

jazzys

You'd better make sure it works out mate. Thats certainly one big incentive if ever there was one.

Boro to Oz eh, my good god. Your in for a treat and a half. I can't believe theres anything in Oz that you can't get in Seaton Carew!

lollyno1

dont intend coming back for two years at least...just visits, if i can afford them...i know it will be tough... :scared:

an of course ill miss everything that seaton has to offer...but will miss redcar more...oh those views of the works..they're to die for...greasy chips, dirty beaches...starting to think why im going...