electricbaby

We are desperate to get to Aus for,various reasons, such as family making are life awful in Uk, having a job offer in Oz and just generally want to start our new life!
We have to validate our visa by Feb and we don't want to come back to the UK and as we cannot sell our house we are seriously considering renting it out and although we don't feel this is the best option it is our only option .

Would like to hear from anyone that has done it or considered it. Can anyone offer any advice? negative or positive?
We have started looking at rental agencies and they say there will be no problem renting it put a put them on a par with EA and dont believe anything they say!!!
We are also aware that we will need to change our mortgage.
Please can you kind people give a advice/ info that perhaps we haven't considered?????

Thanks caz

lewandkate

not sure if this will help !
but we are going to rent our house out as rooms as this will bring in more money and less likely to be empty, so if you only rent out a few rooms it still pays the mortgage
good luck
lew

Poppy

We are going to rent ours out, I've just put it on with three letting agents, so hopefully we'll be OK, know what you mean about trusting them, I feel the same because at the end of the day they are EA, still full of the same bullshit!

We are getting a buy to let mortgage, just another way of remortgaging really so that we can take some of the equity out of the house with us and the tennants will pay the mortgage - that's the plan anyway! Only thing is, we've got to re-decorate the whole house and do all the little things that have been ignored for years, like cracks in glass etc!! not to mention sorting crap out to get rid of and trying to tie loose ends up and we are supposed to be leaving around November 6th

All the best.

lollyno1

Hi

im considering renting, although do have offer of asking price on house. Ive not gone to EA to let but to a letting agency. Had a lady from one company over before I got the offer and i must say what a total arse she was...so stuck up about the area the house is NOT IN, she kept going on about EVERYBODY wanting to rent in Yaaaaaaaaaarrrrrrrrrrrrmmmmmmmmmm (if anyone knows the area they will understand the empahsis on the name place) Im still waiting for her to ring me back! Had another company in yesterday evening and they were lovely. Just setting up the buisness and they have already contacted someone who may be interested in renting this place. Its an option. Ive been to the bank today and enquired about raising the money i need to go over to 0z with and clear my credit cards.etc Ive got an interest only mortgage and payments would go up by about £100 and I dont have to change my mortgage as i didnt buy the property to let. Just have to tell them Im letting it and change my insurance to a landlords insurance.

Ive done this just in case anything goes wrong with the sale.

Mrs Jackaroo

Hi Caz

We've been in Oz for almost 6 months now and we kept hold of our UK property. We were lucky enough for it to be let within 2 weeks of us moving out and touch wood everything has run really smoothly since.

You may not need to get a new mortgage (unless of course you want to release some equity) - it may be worth speaking to your exisiting mortgage provider and seeing what they offer. Some will allow you to let the place for a one off fee or some will increase the interest rate you're currently paying.

Its also worth getting quotes for Landlords Insurance so you know exactly what your outgoings are going to be. We're with Norwich Union and found them to have a good policy and a pretty good rate.

We changed our mortgage to an interest only Buy to Let mortgage with a view for it to solely be an investment property (we never plan to live there again even if we do move back to the UK). We dont get a great deal of profit from the deal but its enough to pay our UK Life Insurance etc while we decide whether or not to cancel and set up new policies in Oz. Of course it is also an Insurance Policy in itself because we know that we havent burnt all of our bridges 'just in case'.

If you've got any more questions feel free to ask.

electricbaby

Thankyou for all of your replies. I was expecting negative things so its a pleasant suprise

I will act on information you have all given me -
thanks caz

h2oskineil

Hi Caz

Just a couple of things....
You'll need to fill out a NRL1 form from the Inland Revenue, this will allow you to get all the money from the rental and then you will have to pay the tax on the profits via a UK tax return.
If you do not have a NRL1 form the rental agent will HAVE to deduct the tax by law.
Also check out this insurance police from www.letsure.co.uk I'm sure there are others) Check out the Rent Protection policy http://www.letsure.co.uk/landlords/rentprotection.htm
This will cover the mortgage if your tenant looses their job and cannot pay etc etc. We took it out as a safty net, just in case.

Neil.

electricbaby

Thanks Neil
I hadn't thought about the tax implications
I think we need to get some more research done asap!!!!

Caz