House In UK
Sep 20th 2013 | 10:11 am
#31
Thread Starter
Forum Regular
Joined: Apr 2013
Posts: 47
Re: House In UK
Couple of practical points:
1) if you keep it empty, your regular home insurance won't cover if its uninhabited for longer than 60 or 90 days
2) security considerations - an empty house is likely to be a target for burglary
3) if you rent it a good letting agent will minimise the chance of tenant damage and having the property occupied will prevent issue like frozen pipes
4) if you rent, its likely your mortgage will not allow you to rent without requesting 'Consent to Let' from Clydesdale. A regular mortgage contract will not allow you to rent the house without permission. Be prepared to pay a fee and possibly an interest rate loading for this.
1) if you keep it empty, your regular home insurance won't cover if its uninhabited for longer than 60 or 90 days
2) security considerations - an empty house is likely to be a target for burglary
3) if you rent it a good letting agent will minimise the chance of tenant damage and having the property occupied will prevent issue like frozen pipes
4) if you rent, its likely your mortgage will not allow you to rent without requesting 'Consent to Let' from Clydesdale. A regular mortgage contract will not allow you to rent the house without permission. Be prepared to pay a fee and possibly an interest rate loading for this.
Sep 20th 2013 | 10:18 am
#32
Dichotomus tinker
Joined: Aug 2013
Posts: 6,700
From: Ontario, Canada
Re: House In UK
When one decides to emigrate they do it mainly for a better future or because they cannot get away fast enough from where they're at.
Liquidate & use the money to live your life in the new country IMO
That was a bit of a rant ... shakes head
Sep 20th 2013 | 10:27 am
#33
Thread Starter
Forum Regular
Joined: Apr 2013
Posts: 47
Re: House In UK
you know what & it happens a lot with folks that emigrate, they see the personal attachment to 'back home' & having the house allows them (so they think) the comfort level of 'well I can always go back' - instead of letting it go, move on to the new adventure. Besides, why leave money tied up in property 5000km away & have no control.
When one decides to emigrate they do it mainly for a better future or because they cannot get away fast enough from where they're at.
Liquidate & use the money to live your life in the new country IMO
That was a bit of a rant ... shakes head
When one decides to emigrate they do it mainly for a better future or because they cannot get away fast enough from where they're at.
Liquidate & use the money to live your life in the new country IMO
That was a bit of a rant ... shakes head
Sep 20th 2013 | 10:51 am
#34
limey party pooper
Joined: Jul 2012
Posts: 10,000
Re: House In UK
If you are coming here as anything but PR then do not sell. If you do not have Permanent Residence your situation can change overnight and it woukd easier to go back if you still had the house.
Sep 20th 2013 | 10:55 am
#35
Thread Starter
Forum Regular
Joined: Apr 2013
Posts: 47
Re: House In UK
Sep 20th 2013 | 11:05 am
#36
Dichotomus tinker
Joined: Aug 2013
Posts: 6,700
From: Ontario, Canada
Re: House In UK
not just the material things, its family & friends. Some folks have a tough time letting go. Then when they get to their new country some will whinge about all that is wrong with it - people, places & things, forever comparing to 'back home' or that they miss their family, the countryside, the pub, the weather etc ... all while forgetting the bad stuff & reasons they left.
Being an immigrant is not for the faint of heart
Being an immigrant is not for the faint of heart
Sep 20th 2013 | 11:32 am
#37
BE Forum Addict
Joined: Feb 2007
Posts: 2,710
Re: House In UK
If its empty for a long time your regular insurance won't cover you and after 6 months you have to pay some council tax
Sep 20th 2013 | 11:42 am
#39
BE Enthusiast
Joined: Jun 2012
Posts: 850
From: Vancouver, BC
Re: House In UK
I kept an empty flat for a year or so as I was worried that tenants would damage it. It was an almost new flat. Well, an unoccupied flat gets damaged too. The pipes become a big problem, the heating pipes get stuffed with air and then don't work, it gets dirty, etc.
I then decided to rent it out. The additional income is great. Yes, tenants can be problematic, I had one case where I had to go to court (I won), but six years down the line, I still think it's worth it.
Keeping it doesn't make me want to go back one bit. Actually, I'd probably never live there now. At the moment, it's just an investment.
I then decided to rent it out. The additional income is great. Yes, tenants can be problematic, I had one case where I had to go to court (I won), but six years down the line, I still think it's worth it.
Keeping it doesn't make me want to go back one bit. Actually, I'd probably never live there now. At the moment, it's just an investment.
Sep 20th 2013 | 12:32 pm
#40
Forum Regular
Joined: Oct 2011
Posts: 225
From: Whitby, ON
Re: House In UK
To sell or rent. The big question. A decision I need to make. My sister and fiancé Were renting from me but they have just purchased a new house.
I will be staying there for a week next month but now have to decide what to do. I'm not sure if its now countrywide but my council tax no longer offers a 6month free period. All I get is a 10% second home discount.
I will be staying there for a week next month but now have to decide what to do. I'm not sure if its now countrywide but my council tax no longer offers a 6month free period. All I get is a 10% second home discount.
Sep 20th 2013 | 12:32 pm
#41
Forum Regular
Joined: Oct 2011
Posts: 225
From: Whitby, ON
Re: House In UK
To sell or rent. The big question. A decision I need to make. My sister and fiancé Were renting from me but they have just purchased a new house.
I will be staying there for a week next month but now have to decide what to do. I'm not sure if its now countrywide but my council tax no longer offers a 6month free period. All I get is a 10% second home discount.
I will be staying there for a week next month but now have to decide what to do. I'm not sure if its now countrywide but my council tax no longer offers a 6month free period. All I get is a 10% second home discount.
Sep 20th 2013 | 2:27 pm
#42
Retired
Joined: Apr 2004
Posts: 34,646
Re: House In UK
Discussed at:
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
One aspect, often overlooked, involves the steps necessary to lose U.K. domicile and escape the Inheritance Tax. Keeping a house in the U.K. makes that more difficult, normally, for a variety of reasons. But every case is different.
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
One aspect, often overlooked, involves the steps necessary to lose U.K. domicile and escape the Inheritance Tax. Keeping a house in the U.K. makes that more difficult, normally, for a variety of reasons. But every case is different.
Sep 20th 2013 | 3:08 pm
#43
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: House In UK
Discussed at:
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
One aspect, often overlooked, involves the steps necessary to lose U.K. domicile and escape the Inheritance Tax. Keeping a house in the U.K. makes that more difficult, normally, for a variety of reasons. But every case is different.
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
One aspect, often overlooked, involves the steps necessary to lose U.K. domicile and escape the Inheritance Tax. Keeping a house in the U.K. makes that more difficult, normally, for a variety of reasons. But every case is different.
Sep 22nd 2013 | 4:39 am
#44
Andrew
Joined: May 2012
Posts: 767
Re: House In UK
If you become PR & tax resident in Canada, then you sell your UK home 5 years after you become non UK tax resident, HMRC are very unlikely to peruse any CGT. After 6 years they will not be interested at all.
Regards
Andrew
Regards
Andrew
