florabundi

Hi ~ after weeks of de-cluttering, painting etc we finally have the estate agents coming out in one week to put our house on the market. It's all getting pretty scary now! Anyone else out there terrified too?!

Celticknight

Hi

only teriffied if we can't sell our house. been on market since last October, only had one viewing in all that time.

Ian.

florabundi

What a nightmare you get lots of viewings soon. I think I am equally worried our house sells too quickly as too slowly. We still have our daughter's pony to sell and the horse market has been dire also lots and lots of gargen eqip and tools to clean and paint. I guess we will look back and laugh

concretepump

ours have been on for 20 months had one offer which was £30,000 below asking price and we have already dropped it by £50,000, so still on market
have changed estate agents but don't think that does any good

i think until banks start lending up to 95% mortgages again we are still going going to be in recession once houseing starts moving again it should be a knock on effect

barnsleymat

The housing market in the UK won't get back on track for many many years, that's why we virtually gave our house away before moving here. Priced it realistically and sold it straight away.

Banks won't ever lend money like they were doing a few years ago, and if the economy does pick up (doubtful) then the interest rates will shoot up, either way house prices will continue to fall.

Stormer999

We gave up trying to sell and have now decided to go down the let channel and wait for UK market to recover. A few houses in the first time buyers or 3 bedroom semi's are moving but at a greatly reduced price. With the NZ$=£ exchange rate even with a sale then the cash will have to stay in the UK. Better the rent coming in to help pay the NZ house rent/mortgage. Barnsleymat is right take a big hit or wait I'm afraid.
Still best of luck.....

florabundi

It is a worry, really hope we don't have to rent out the house as I'm quite sure I will spend far too much time worrying! Houses near by have been selling fairly well so I'm keeping my fingers crossed.

HelsnLee

I've got the rental agencies around valuing today.....Had one around so far which is ok but as feared not gonna cover all costs and fees (mortgage insurance etc)....aaarrrggghhh! Haven't got time to sell as OH job is time sensititive! (We have to be available when they are).
Florabundi you'll sell soon! Its like it has been mentioned before as long as you price your house realistically to the current market it should sell!
It is very stressful and we haven't got to the most difficult part yet!

PHONEJUNKY

We have had our house on market for 3 years and as a result our returning visa ran out but we are now going through with a sale but had to drop £70000 over the 3 years. Now the exchange rate is so crap we are buying 2 small houses to rent out using an agent. We either bring the money with us if we pass the medicals and applications again and get crap exchange rate or leave it in the UK bank at 0.5% interest or we invest in property and make a small proffit each month in renting out the houses until markets pick up then sell for proffit or have them to fall back on if NZ dont work out for any reason.

HelsnLee

Ok so had another evaluation and this one has guaranteed rental income has occupation and credit checks does all management fees markets (basically the whole thing) and they are certain due to good area it will rent (they protect it for 6months) covering mortgage and costs....woop woop! Just got to get me dates so we can proceed!
Defo got a few more grey hairs since starting this process!

Reylan

We sold our house last year but the buyers pulled out 2 days before exchange. Since then we have had a number of offers but all way below what we had it on the market for (mainly due to the stamp duty). So we are now going down the rental route - practically, it will be a much better option for us financially and now I have got my head around the 'emotional' part I think it will be best all round - however, now we have to get someone to rent it!

to everyone who is at this stage of their journey.

florabundi

If you rent your house in the UK once you are in NZ, how do you work the rental income? Is it taxable? Do you have the rent money paid into a UK bank account? Just being prepared...

Reylan

As far as I know you get the rental paid into your UK bank account. It is treated as income so will come into your tax allowance so, if what you make after deductions (fees, mortgage etc) is under your allowance it will be tax free. I believe you need to fill out a form for the IR (you can get from their site) to declare yourself non-resident in the UK. Your agent will deduct the tax from your payments but you can claim it back (not sure about the long term with regards to that).

I'm pretty sure someone else on here will know MUCH more than me.

HelsnLee

Reylan
Thats what I'm under the impression anyway.....We aren't having a buy to let mortgage for 2 reasons:-
1. Since the house prices have dropped we don't have the equity in our house necessary for buy to let mortgage.
2. If you sell your house in future you would need to pay tax on it (capital gains)

Instead we are having a consent to let mortgage which is a fixed rate mortgage (higher rate than buy to let) where it is classed as your main/only british residence if you are living out of country and I'm hoping if we do sell in future we won't have to pay the tax implications.

Please note I am still learning so I am not 100% on this....if anyone is any the wiser?

I started clearing out the garage today whilst doing so witnessed a car accident where the lorry driver who crashed into the audi took off so am now having to do witness statement....unbelievable!

florabundi

Thanks for the help As if you haven't enough to do Helsnlee!