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Renovation Grants In The UK, Loopholes?

Renovation Grants In The UK, Loopholes?

Old Mar 26th 2007, 8:43 pm
  #1  
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Default Renovation Grants In The UK, Loopholes?

Hi there,

We own our house, spent alot of time and effort fixing it up and expanding, took advantage of a renovation grant, which basically tied us to the house for five years, if we sold up before that time we owed them back the grant money.
Part of my family now is on the verge of moving to NZ, we have 2 and a half years left to wait on the grant. Our dilema is now, we have prospects of job offers, and house prices are rising in this area. People have suggested cutting our loses and paying back the grant, waiting it out and hoping prices and jobs wait for us, or even up and running with the money and hope they don't find us! Not an ideal start to a less stressful life!
I was just curious if any Brits already moved or moving have had similar problems or maybe knowledge of loopholes that could be useful?
Desperate to get out with the rest of the family,
Cheers for any help!
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Old Mar 26th 2007, 8:48 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Have you considered renting your property out?
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Old Mar 26th 2007, 8:51 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Yea thought of that one, all the money we've had is tied into the house as the investment to move to NZ with, so needs to be sold to get us out there, appreciate the help though!
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Old Mar 26th 2007, 10:20 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Originally Posted by pompeybrood View Post
Yea thought of that one, all the money we've had is tied into the house as the investment to move to NZ with, so needs to be sold to get us out there, appreciate the help though!
Hi guys, just going on with the renting thing a bit more, we are planning on being out in NZ by late Autumn this year and have no intention of buying a house straight away until: we've had a chance to "live" in NZ and really experience it (only been there on holiday) and decide we definitely want to be there permanently: and then decide exactly where in NZ we want to settle, which we will not know until we've toured it more. If you can hold on until your not oblidged to re-pay your grant, you may have a completely different view on where you want to be, or indeed if you want to be there at all, all without moving your UK money (and incurring the costs of buying and selling, exchange rates etc.)
If you need some of the money from your house to be able to cover costs of getting out there, can you re-mortgage a bit on your house to cover that?

What you will need to do though is pay rent which you will obviously need to take into account and of course ensure that your uk mortgage is covered by the rent on the house.
Just some thoughts for you. Hope it helps. Leighlou.
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Old Mar 26th 2007, 10:48 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Originally Posted by pompeybrood View Post
Hi there,

We own our house, spent alot of time and effort fixing it up and expanding, took advantage of a renovation grant, which basically tied us to the house for five years, if we sold up before that time we owed them back the grant money.
Part of my family now is on the verge of moving to NZ, we have 2 and a half years left to wait on the grant. Our dilema is now, we have prospects of job offers, and house prices are rising in this area. People have suggested cutting our loses and paying back the grant, waiting it out and hoping prices and jobs wait for us, or even up and running with the money and hope they don't find us! Not an ideal start to a less stressful life!
I was just curious if any Brits already moved or moving have had similar problems or maybe knowledge of loopholes that could be useful?
Desperate to get out with the rest of the family,
Cheers for any help!
As Beachcombers and Leighlou said...go for renting, release some equity if necessary, you can always rent over here until you have sold your house in a few years.

Not worth the risk of being chased for the grant repayment, remember when you apply for anything in NZ they will want a previous address and credit history, the credit agency will then know exactly where you are so the grant people may be able to track you down...I think? Maybe maybe not but renting seems the best solution.
Debbie
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Old Mar 27th 2007, 3:00 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Thanks very much for all your help and advice. Renting out the house and re-mortgaging it so we have some money to settle in NZ seems a logical idea. We will be renting anyway when we come over until we have sussed the area out etc. Need to find a school for my 13 yr old daughter etc, etc. So much to do but I feel so much beter now I have a direction to go in. At least the house price will rise in the UK while we're waiting to work the grant off!! Loads to sort out this end.........but a big thankyou again!
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Old Mar 27th 2007, 3:34 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Originally Posted by pompeybrood View Post
Thanks very much for all your help and advice. Renting out the house and re-mortgaging it so we have some money to settle in NZ seems a logical idea. We will be renting anyway when we come over until we have sussed the area out etc. Need to find a school for my 13 yr old daughter etc, etc. So much to do but I feel so much beter now I have a direction to go in. At least the house price will rise in the UK while we're waiting to work the grant off!! Loads to sort out this end.........but a big thankyou again!
Good for you guys!
Just one last thought - remember too that you want to time moving your equity over when the exchange rates are favourable and not just transfer whenever - you could loose thousands of NZ dollars if you do not have the luxury of time to wait for the right rate.
Keep in touch and let us know how you get on. Best of luck!
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Old Mar 27th 2007, 5:42 pm
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Default Re: Renovation Grants In The UK, Loopholes?

Originally Posted by Leighlou View Post
Good for you guys!
Just one last thought - remember too that you want to time moving your equity over when the exchange rates are favourable and not just transfer whenever - you could loose thousands of NZ dollars if you do not have the luxury of time to wait for the right rate.
Keep in touch and let us know how you get on. Best of luck!
Thanks Leighlou will bear that in mind. Next plan is to go to loads of agents and see how much it is to have them look after our 'nest egg' while we're away!
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