the woodys

Hi All

As the property market is as flat as a pancake in my area, I am flirting with the idea of renting out our home in the UK and migrating anyway.

I would imagine that this isn't an ideal scenario, being so far away to deal with potential problems could be a nightmare etc but rather than wait until the 12th of never for a buyer, its seems like our only option if we want to get on with our lives.

I was just wondering if many people had migrated leaving their property behind and if so would they be kind enough to share their experiences good and bad

cheers

Dave

movin'on

Yep, we did this as there were no takers in a year, we purchased when we were abroad so we got caught for higher rates as "buy to let" If you tell the bank they will raise the interest rates but you need to be careful. Our rental agency takes 10% plus vat but it really depends on the tenant. There is so much choice for tenants in our area you cannot cover the mortgage with rent, you just have to accept that some rent is better than none. But you should account for having the house empty 2 months out of twelve and to pay a few hundred a year in basic maintenance. A new boiler and windows cost me 5000 pounds in two years. The house does take some minor damage but it depends on children and animals. It really depends on where the house is, what it is like and what the rental market is likely to be, students, professional couples etc

TMRE

We are going to rent our house out now as It hasn't sold. The bank will charge us £100 admin fee but the mortgage and rate stays the same. This is for up to 2 years but hope to sell before that. Rental agent takes 10% of first 6 months rent on a long term let contract. You will need a safety certificate for gas boiler/cooker/fire and contents/buildings insurance as well. We are also leaving 6 months rent to cover if it's empty and for any repairs/cost etc.

There is a post on here today from Alan Collett about changes in tax rules

http://britishexpats.com/forum/showthread.php?t=547376

Looks quite good if the rent doesn't cover your mortgage