Renting out house in UK & then selling from Oz?
Jul 13th 2005, 11:14 am
#1
Scootascum member.
Thread Starter
Joined: Oct 2004
Location: It ain't OZ...yet
Posts: 56
Renting out house in UK & then selling from Oz?
Hi all,
Just last week everything looked to be tickety-boo with our house sale - due to exchange contracts this week and complete 4 weeks later
Then on Monday we were told our buyers don't have one house to sell, they have two, and there may be a delay in one of the chains
(so nice of them to tell us at this late stage, doncha think?) Someone in this process is being a lying scumbag, but I don't know who.
I have a job to go to in Adelaide and they've been very patient so far, but I don't reckon they'll wait another 3 months if it all falls through and we have to find another buyer, so we're going anyway.
Anyhow, if it does go all pear shaped, we are now considering renting our house out for a year or so and then selling it from Oz.
Has anyone had any experience of doing this? It seems like a total nightmare to sort out, but perhaps one of you good people could reassure me and tell me it's actually quite painless.
I have to say, the visa application process now seems like a pleasant walk in the park compared to the house sale!
Cheers all,
Scooterpom.
Just last week everything looked to be tickety-boo with our house sale - due to exchange contracts this week and complete 4 weeks later
Then on Monday we were told our buyers don't have one house to sell, they have two, and there may be a delay in one of the chains
(so nice of them to tell us at this late stage, doncha think?) Someone in this process is being a lying scumbag, but I don't know who.I have a job to go to in Adelaide and they've been very patient so far, but I don't reckon they'll wait another 3 months if it all falls through and we have to find another buyer, so we're going anyway.
Anyhow, if it does go all pear shaped, we are now considering renting our house out for a year or so and then selling it from Oz.
Has anyone had any experience of doing this? It seems like a total nightmare to sort out, but perhaps one of you good people could reassure me and tell me it's actually quite painless.
I have to say, the visa application process now seems like a pleasant walk in the park compared to the house sale!
Cheers all,
Scooterpom.
Jul 13th 2005, 11:40 am
#2
BE Enthusiast
Joined: Aug 2004
Location: Buderim on the Sunshine Coast.
Posts: 812
Re: Renting out house in UK & then selling from Oz?
Originally Posted by scooterpom
Hi all,
Just last week everything looked to be tickety-boo with our house sale - due to exchange contracts this week and complete 4 weeks later
Then on Monday we were told our buyers don't have one house to sell, they have two, and there may be a delay in one of the chains (so nice of them to tell us at this late stage, doncha think?) Someone in this process is being a lying scumbag, but I don't know who.
I have a job to go to in Adelaide and they've been very patient so far, but I don't reckon they'll wait another 3 months if it all falls through and we have to find another buyer, so we're going anyway.
Anyhow, if it does go all pear shaped, we are now considering renting our house out for a year or so and then selling it from Oz.
Has anyone had any experience of doing this? It seems like a total nightmare to sort out, but perhaps one of you good people could reassure me and tell me it's actually quite painless.
I have to say, the visa application process now seems like a pleasant walk in the park compared to the house sale!
Cheers all,
Scooterpom.
Just last week everything looked to be tickety-boo with our house sale - due to exchange contracts this week and complete 4 weeks later
Then on Monday we were told our buyers don't have one house to sell, they have two, and there may be a delay in one of the chains
(so nice of them to tell us at this late stage, doncha think?) Someone in this process is being a lying scumbag, but I don't know who.I have a job to go to in Adelaide and they've been very patient so far, but I don't reckon they'll wait another 3 months if it all falls through and we have to find another buyer, so we're going anyway.
Anyhow, if it does go all pear shaped, we are now considering renting our house out for a year or so and then selling it from Oz.
Has anyone had any experience of doing this? It seems like a total nightmare to sort out, but perhaps one of you good people could reassure me and tell me it's actually quite painless.
I have to say, the visa application process now seems like a pleasant walk in the park compared to the house sale!
Cheers all,
Scooterpom.
Jul 13th 2005, 11:52 am
#3
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Renting out house in UK & then selling from Oz?
You need to
- Tell your mortgage company
- Tell your insurance company (buildings)
- Get tax advice, you will pay Aussie Income tax on the income ,but you deduct mortgage payments etc. So it works out ok usually, sort that out when you get here.
- You need to transfer money from UK To Aus regularly (your profits) Use these guys thy're good and they get me an ipod if enough people use my referral for giving them such good advice ;-) http://www.tranzfers.com/refer.asp?r=ijcollins , register with them from UK before you leave its much much much easier. Ive used them about 20times and they're realy really quick/reputable/good/safe , all transactions are online so its easy to do.
- Appoint a managing agent, better to pay them 10% than be on phone trying to sort out aplumber at 1am
- Let the agent rent the place
- Dont rent to friends - nightmare scenarios applenty
- Consider the impact on re-selling the house, tenants dont do you any favours
- Get online banking before you come here for UK bank accounts so you can manage it remotely
- You want to consider remortgaging it before you leave it to get equity out.
Good luck.
- Tell your mortgage company
- Tell your insurance company (buildings)
- Get tax advice, you will pay Aussie Income tax on the income ,but you deduct mortgage payments etc. So it works out ok usually, sort that out when you get here.
- You need to transfer money from UK To Aus regularly (your profits) Use these guys thy're good and they get me an ipod if enough people use my referral for giving them such good advice ;-) http://www.tranzfers.com/refer.asp?r=ijcollins , register with them from UK before you leave its much much much easier. Ive used them about 20times and they're realy really quick/reputable/good/safe , all transactions are online so its easy to do.
- Appoint a managing agent, better to pay them 10% than be on phone trying to sort out aplumber at 1am
- Let the agent rent the place
- Dont rent to friends - nightmare scenarios applenty
- Consider the impact on re-selling the house, tenants dont do you any favours
- Get online banking before you come here for UK bank accounts so you can manage it remotely
- You want to consider remortgaging it before you leave it to get equity out.
Good luck.
Jul 13th 2005, 11:55 am
#4
Scootascum member.
Thread Starter
Joined: Oct 2004
Location: It ain't OZ...yet
Posts: 56
Re: Renting out house in UK & then selling from Oz?
Thanks for the info. I'm off to see a letting agent on Friday to see what the crack is. Hopefully I won't need to do it!
Cheers
Scooterpom.
Cheers
Scooterpom.
Jul 13th 2005, 11:59 am
#5
senior member
Joined: Oct 2004
Location: Woodvale WA
Posts: 29
Re: Renting out house in UK & then selling from Oz?
Hi Scooterpom
Agree the Visa 'bit' was a walk in park [as if that wasn't stressful enough]
Our house sold easily enough too, too good to be true. Our search shows we are a low level of contaminated land which the borough knew about but only notified a handful of residents. Now we are totally held up with either we have a soil test done at out expence [£3,000] or do we rent and go? The council's budget will not be carrying out these test till April 06. Still mid negotiation with out buyer. if remeadial work is required again at our cost we could be here forever!
Let us know how you get on if you go the renting route. Keep ya chin up.
Agree the Visa 'bit' was a walk in park [as if that wasn't stressful enough]
Our house sold easily enough too, too good to be true. Our search shows we are a low level of contaminated land which the borough knew about but only notified a handful of residents. Now we are totally held up with either we have a soil test done at out expence [£3,000] or do we rent and go? The council's budget will not be carrying out these test till April 06. Still mid negotiation with out buyer. if remeadial work is required again at our cost we could be here forever!
Let us know how you get on if you go the renting route. Keep ya chin up.
