Gonnago

Hi Santos, we are selling (well thats the plan anyway) - Have you looked into the tax implications of keeping an investment property. I dont know about it myself just something to consider.

Santos

Hi Hayles,

It's definately something to consider. Think part of it is a safety net, the property market has been pretty steady up here for a few years where as I know nothing of the Australian market. Will have to research more.

Cheers

Paul

Gonnago

Good luck Paul. Let us know what you decide to do.

Tiggs+Graz

dont mention christmas
we are going to be in adelaide and all of our possessions are going to be in a container somewhere at sea
kids want to know when we are putting up our christmas tree - i said march

Santos

Thanks, I will.

Tiggs+Graz

those 'in the know' think that the uk market is going to be static for a bit and the oz market is going to keep growing ... mind you i dont know how true this is

Fly Away

We are in theory keeping 2 rental properties and selling them once the market over here has improved. However, sonce we don't seem to be able to shift our main house, we may turn it around and sell the renatl properties and keep the main house. (Although we wouldn't want to do this as the main house needs a lot of maintenance.)

The tax implications on rental income once you are in Oz are good - so long as you negatively gear. I haven't looked into what happens if you sell the property after moving. I'm sure you are liable for CGT but not sure what the position re Australian tax is if CTG has already been paid.

Hey girls - you didn't know I had another 2 properties to sell did you. I will never be able to leave this thread!!

Tiggs+Graz

I knew this you told me ages ago - cant remember what we were talking about at the time

EDIT to add - yes i do we were talking about keeping a business in the uk or moving them to oz

Santos

Cheers for that mate.

Fly Away

The worst thing is, we haven't even completed on one of them yet! We exchanged a year ago, as it is a new build property and are just waiting for them to finish it. It has theoretically gone up in value, but it may not sell even if we decided to. (Although, it is in a lovely seaside village with seaviews so someone should want it!!)

So I am both selling and buying at the moment. AGHHH!

Tiggs+Graz

you must be mad

so are you going to sell up straight away or hang onto the other houses for a while?

Fly Away

We don't know! We were going to keep them as a fall back. However, we may just put the newbuild straight back on the market.

The other property has a long term tenant. We were planning on remortgaging as much as poss, then selling when the tenant leaves. We wouldn't want to chuck them out as they are good tenants. However, if our house doesn't sell, we might be forced to sell to release the equity.

OMG. Imagine having 3 houses on the market at the same time. AGHHHHH.

Tiggs+Graz

that doesnt even bear thinking about

well surveyor been and gone - nice bloke, very chatty, terrible jokes
said everything was fine and that his report is done electronically so will be with buyers mortgage company by the end of today

i am actually beginning to think that we might be completed before we fly

Driver_Once_More

good luck to all the sellers here, .............. we just made an offer on another house, a respectable offer, just have to wait and see

Fly Away

Great news!!

I assumed you had finished cleaning and were waiting for the surveyor when you popped up again! So he was pretty quick! So long as the rest of the paperwork is there, the buyers should have a mortgage offer pretty soon.

Fingers crossed for a completion before you fly!! Sending K's if it lets me!