who else can't sell house in Uk and has visa
Jan 31st 2010, 5:19 pm
#61
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Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: who else can't sell house in Uk and has visa
Ohh boy,
I feel every ones pain!
I am looking for advice, opinions etc..
Quick background. Had visa over 2 yrs, Validated in Oct 08. House on market 19 months.
Loads of interest, 3 keen potential buyers, they cannot sell theirs etc etc..
So reduced (again) in the new yr, to appeal to a wider market.
had 3 views in the last week due to this. Offer made as follows..
1. Potential buyers wish to rent ours until they sell one of their properties. Second marriage, they have 2 properties to sell, both new to market. Not first time buyer houses.
2. They do not want to pay top rental cost. We would get around 800/900 PCM if we went to agency.
3. They want to knock off what ever rental they pay off final price of sale.
4. It would all be done via solicitor and contract would be drawn up.
5. They would agree to buy as soon as 1 of their properties sold.
Mmmm all very interesting.
What we would need in return..
1. Enough rent to cover mortgage and small home improvement loan.
2. A 6 month ceiling on rent that comes off final cost of sale.
3. No landlord responcibilities. For example if something goes wrong in the house, leak etc.
We are just in the very first steps of thinking it through, offer made yesterday.
Im so confused. We would have enough money to see us through first 4/5 months in Oz.
What would you do? We have had a very mixed response from family and friends. We will try and see a solicitor asap to talk it through.
Cheers
Caroline
I feel every ones pain!
I am looking for advice, opinions etc..
Quick background. Had visa over 2 yrs, Validated in Oct 08. House on market 19 months.
Loads of interest, 3 keen potential buyers, they cannot sell theirs etc etc..
So reduced (again) in the new yr, to appeal to a wider market.
had 3 views in the last week due to this. Offer made as follows..
1. Potential buyers wish to rent ours until they sell one of their properties. Second marriage, they have 2 properties to sell, both new to market. Not first time buyer houses.
2. They do not want to pay top rental cost. We would get around 800/900 PCM if we went to agency.
3. They want to knock off what ever rental they pay off final price of sale.
4. It would all be done via solicitor and contract would be drawn up.
5. They would agree to buy as soon as 1 of their properties sold.
Mmmm all very interesting.
What we would need in return..
1. Enough rent to cover mortgage and small home improvement loan.
2. A 6 month ceiling on rent that comes off final cost of sale.
3. No landlord responcibilities. For example if something goes wrong in the house, leak etc.
We are just in the very first steps of thinking it through, offer made yesterday.
Im so confused. We would have enough money to see us through first 4/5 months in Oz.
What would you do? We have had a very mixed response from family and friends. We will try and see a solicitor asap to talk it through.
Cheers
Caroline
The want to pay below market rental and still have this knocked off the price
and in the meantime you're unable to sell to anyone else!The housing market is currently improving a little, due to increased confidence and low-low interest rates.
This is a great deal for them and a terrible one for you. Effectively they're asking you to let them live there rent free if they sell, or for cheap rent if they dont
This is just my opinion but I'd run a mile!
Jan 31st 2010, 5:30 pm
#62
Lost in BE Cyberspace
Joined: Jan 2009
Location: Brisbane
Posts: 20,821
Re: who else can't sell house in Uk and has visa
I wouldn't recommend it. There's too much potential for it to become so much more complicated once you've moved out and they've moved in. At the very least it's likely to give you a huge headache - not something you want when you're on the other side of the world and have other things to worry about. I'd tell them it has to be a standard rental at full market rates and with no tie-in whatsoever to your house sale - that's best kept as a completely separate and standard arrangement. To be honest, I wouldn't even waste my time and money discussing it with a solicitor. Caution!
Spring is almost upon us, so there'll be buyers aplenty soon.
Just my opinion.
Best of luck
,
Paul
Spring is almost upon us, so there'll be buyers aplenty soon.
Just my opinion.
Best of luck
,Paul
Sorry to say but in my opinion don't just walk away, run
The want to pay below market rental and still have this knocked off the price and in the meantime you're unable to sell to anyone else!
The housing market is currently improving a little, due to increased confidence and low-low interest rates.
This is a great deal for them and a terrible one for you. Effectively they're asking you to let them live there rent free if they sell, or for cheap rent if they dont
This is just my opinion but I'd run a mile!
The want to pay below market rental and still have this knocked off the price
and in the meantime you're unable to sell to anyone else!The housing market is currently improving a little, due to increased confidence and low-low interest rates.
This is a great deal for them and a terrible one for you. Effectively they're asking you to let them live there rent free if they sell, or for cheap rent if they dont
This is just my opinion but I'd run a mile!
I agree with both of these. Far, far too risky.
Jan 31st 2010, 8:59 pm
#65
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Joined: Feb 2007
Location: yorkshire
Posts: 330
Re: who else can't sell house in Uk and has visa
Thanks guys for all your comments and time.
Keep you posted. A straight forward offer would be nice!!
x
Keep you posted. A straight forward offer would be nice!!
x
Feb 1st 2010, 2:35 am
#66
BE Enthusiast
Joined: Sep 2009
Posts: 708
Re: who else can't sell house in Uk and has visa
Please do not let your eagerness ( desperation ), to sell your property and move to Australia, lead you into making a bad business decision.
I allowed people to move into my substantial property on a very similar arrangement, under an Assured Short Term Tenancy Agreement ( not sure of the exact description of the agreement ). This agreement was drawn up by my solicitors and they were also to act the part of agent, accept the rent and pay the proceeds to my UK accounts.
Almost as soon as I was out of the country the rent payments ceased, and I was immediately involved in long distance 'ping-pong' with my UK solicitors. This was long before we had the gift of email, so you can imagine the challenges I faced, especially given the date and time differences between the two countries.
After many months of no rent payments, my solicitor managed to get a court order against my "tenants" for the outstanding rent.
Almost immediately, the daughter of my "tenants" presented at the solicitors office and paid one months rent with a cheque drawn on her personal account. This cheque was accepted by my "solicitors / agent".
This was the last payment I was to receive. When the "tenants" were subsequently pressed for payment, they responded that they were no longer the tenants of the property, and that their daughter was the new tenant. The stub of the cheque that the daughter had presented as payment and my 'agent' had accepted, was used to support the case.
Of course I did not have a rental agreement with the daughter, so in effect I now had a sitting tenant........
I won't bore you with all the details, but this mess took over two years of my life to sort out, and cost comfortably in access of GBP 100,000. Back in those days, you could have a damn good night out with 100K
Do not touch this proposal with a barge pole !!!
If these people genuinely have two other properties for sale and have substantial equity in these properties and the income to service the mortgages. Then I'm sure that any reasonable bank would be happy to advance then the funds for their purchase of your home......at a premium of course
Perhaps your solicitor to explore the possibility of a 'delayed settlement' ?
The 'purchasers' pay the agreed deposit, with an agreement to pay the balance of the purchase price on an agreed date.
If they do not complete the transaction, then they will lose their deposit. That will more than cover the legal costs, of suing them for the balance of the transaction and put any potential risk in their court instead of yours.
Which is very much where it should be
Feb 15th 2010, 10:11 pm
#67
Banned
Joined: Aug 2008
Posts: 22,348
Re: who else can't sell house in Uk and has visa
I've noticed in the local property papers recently that the house prices have gone up quite significantly in the London area these last few months. So I carried out a property valuation on the Nationwide web site for my house. To my astonishment their estimated value has rocketed by 7.6% from the second to the fourth quarter of 2009. Surely that can't be right?
Feb 15th 2010, 10:18 pm
#68
Just Joined
Joined: Jan 2010
Location: Gold Coast
Posts: 24
Re: who else can't sell house in Uk and has visa
We're still waiting to sell ours! My hubby's new job in Brisbane/Gold Coast starts in April, so its getting close!!
We've started talking and planning about me staying in UK until the house is sold! Something we'd rather not do as going to the airport twice to say goodbye to family etc.. is going to be hard enough!!!!
We've gone joint agency and hope this will help with selling as its been on the market since September.
We're not keen on renting as need all our equity to take with us.
Hoping everything will fall into place!
We've started talking and planning about me staying in UK until the house is sold! Something we'd rather not do as going to the airport twice to say goodbye to family etc.. is going to be hard enough!!!!
We've gone joint agency and hope this will help with selling as its been on the market since September.
We're not keen on renting as need all our equity to take with us.
Hoping everything will fall into place!
We have accepted an offer on our place - happy with the price so its all systems go! Hoping to complete in 6 weeks!!!
My other half is still going out ahead of me as i now have to stay behind to have my wisdom teeth taken out!! Waiting for a date for the op!!
Looks like the housing market is slowly picking up, so fingers crossed for everyone!
Feb 15th 2010, 10:20 pm
#69
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Joined: Aug 2008
Posts: 22,348
Re: who else can't sell house in Uk and has visa
UPDATE UPDATE!!!
We have accepted an offer on our place - happy with the price so its all systems go! Hoping to complete in 6 weeks!!!
My other half is still going out ahead of me as i now have to stay behind to have my wisdom teeth taken out!! Waiting for a date for the op!!
Looks like the housing market is slowly picking up, so fingers crossed for everyone!
We have accepted an offer on our place - happy with the price so its all systems go! Hoping to complete in 6 weeks!!!
My other half is still going out ahead of me as i now have to stay behind to have my wisdom teeth taken out!! Waiting for a date for the op!!
Looks like the housing market is slowly picking up, so fingers crossed for everyone!
Congratulations!
Feb 15th 2010, 10:50 pm
#70
Recession Surfing 2006 ->
Joined: Sep 2007
Location: Northern Edge of Melbourne
Posts: 1,254
Re: who else can't sell house in Uk and has visa
Right I read this thread thinking I had no problems only to discover I do.
I have a UK Property that when we left we could not sell.
So in regards to Tax when we do sell it and move the cash to OZ we are liable for Tax. As I indeed have bought a house here in Oz.
Anyway so lets say I got £10,000 after costs for the house(nice round figure for calc).
At todays rate this is 17,603. (google rate)
If the house has been decreasing in value since we moved. What figure am I looking at in tax?
I have a UK Property that when we left we could not sell.
So in regards to Tax when we do sell it and move the cash to OZ we are liable for Tax
. As I indeed have bought a house here in Oz. Anyway so lets say I got £10,000 after costs for the house(nice round figure for calc).
At todays rate this is 17,603. (google rate)
If the house has been decreasing in value since we moved. What figure am I looking at in tax?
Feb 16th 2010, 7:38 am
#72
Lost in BE Cyberspace
Joined: Jan 2009
Location: Brisbane
Posts: 20,821
Re: who else can't sell house in Uk and has visa
UPDATE UPDATE!!!
We have accepted an offer on our place - happy with the price so its all systems go! Hoping to complete in 6 weeks!!!
My other half is still going out ahead of me as i now have to stay behind to have my wisdom teeth taken out!! Waiting for a date for the op!!
Looks like the housing market is slowly picking up, so fingers crossed for everyone!
We have accepted an offer on our place - happy with the price so its all systems go! Hoping to complete in 6 weeks!!!
My other half is still going out ahead of me as i now have to stay behind to have my wisdom teeth taken out!! Waiting for a date for the op!!
Looks like the housing market is slowly picking up, so fingers crossed for everyone!
I've noticed in the local property papers recently that the house prices have gone up quite significantly in the London area these last few months. So I carried out a property valuation on the Nationwide web site for my house. To my astonishment their estimated value has rocketed by 7.6% from the second to the fourth quarter of 2009. Surely that can't be right?
Right I read this thread thinking I had no problems only to discover I do.
I have a UK Property that when we left we could not sell.
So in regards to Tax when we do sell it and move the cash to OZ we are liable for Tax. As I indeed have bought a house here in Oz.
Anyway so lets say I got £10,000 after costs for the house(nice round figure for calc).
At todays rate this is 17,603. (google rate)
If the house has been decreasing in value since we moved. What figure am I looking at in tax?
I have a UK Property that when we left we could not sell.
So in regards to Tax when we do sell it and move the cash to OZ we are liable for Tax
. As I indeed have bought a house here in Oz. Anyway so lets say I got £10,000 after costs for the house(nice round figure for calc).
At todays rate this is 17,603. (google rate)
If the house has been decreasing in value since we moved. What figure am I looking at in tax?
Good luck!
Feb 16th 2010, 10:44 am
#73
Recession Surfing 2006 ->
Joined: Sep 2007
Location: Northern Edge of Melbourne
Posts: 1,254
Feb 18th 2010, 10:56 pm
#74
Banned
Joined: Aug 2008
Posts: 22,348
Re: who else can't sell house in Uk and has visa
It looks like the property bubble is re-inflating again in parts of the UK. A house near identical to mine accross the road is on the market for £20k more than my asking price 9 months ago. I'll be surprised if they get anything near that though. But there's very few houses up for sale so you never know .
And there's also this
.And there's also this
Feb 25th 2010, 2:58 pm
#75
BE Enthusiast
Joined: Feb 2007
Location: yorkshire
Posts: 330
Re: who else can't sell house in Uk and has visa
up date re last post.
Well, the couple who made the offer re renting ours until they sold came to ours for another chat re their offer.
They are in their 50's, second marriage, have children in there old teens to young 20's at home. Both have houses to sell as I said.
They would be happy to rent ours, have nothing knocked off. Pay our asking price, also would not expect us to have any responsibility re up keep off house ie- landlord responsibilities.
Other half who was very sceptical at first thinks we should take the offer. I am now scared! Too many what if's..etc. We have an appt next week to discuss with a solicitor to see if its viable or not or too high risk.
SO confused again.
Again opinions and thoughts please.
Many thanks
Caroline x
Ps Congrats Comet, Karma sent
Well, the couple who made the offer re renting ours until they sold came to ours for another chat re their offer.
They are in their 50's, second marriage, have children in there old teens to young 20's at home. Both have houses to sell as I said.
They would be happy to rent ours, have nothing knocked off. Pay our asking price, also would not expect us to have any responsibility re up keep off house ie- landlord responsibilities.
Other half who was very sceptical at first thinks we should take the offer. I am now scared! Too many what if's..etc. We have an appt next week to discuss with a solicitor to see if its viable or not or too high risk.
SO confused again.
Again opinions and thoughts please.
Many thanks
Caroline x
Ps Congrats Comet, Karma sent