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Renting out house in UK whilst in NZ

Renting out house in UK whilst in NZ

Old Oct 17th 2005, 6:18 pm
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Question Renting out house in UK whilst in NZ

Hi All!

We are going through trying to sell our house at the minute and have noticed that the UK housing market has slowed up. We really wanted to get sold and complete before the end of the year but we think that's going to be a tall order :scared:

So, we have looked at other options to try and get us through this issue, as we want to get over to NZ by the end of Jan 2006, and one option is to rent ours out whilst we are over in NZ. This seems like a good idea as we can pay the mortgage, etc., with the rent, whilst we rent in NZ.

It would be useful to see if anybody else has done this, so can anyone help or give advice?

Cheers

Dave and Lyns
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Old Oct 17th 2005, 6:48 pm
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Default Re: Renting out house in UK whilst in NZ

Originally Posted by Dave and Lyns
Hi All!

We are going through trying to sell our house at the minute and have noticed that the UK housing market has slowed up. We really wanted to get sold and complete before the end of the year but we think that's going to be a tall order :scared:

So, we have looked at other options to try and get us through this issue, as we want to get over to NZ by the end of Jan 2006, and one option is to rent ours out whilst we are over in NZ. This seems like a good idea as we can pay the mortgage, etc., with the rent, whilst we rent in NZ.

It would be useful to see if anybody else has done this, so can anyone help or give advice?

Cheers

Dave and Lyns
Hi Dave and Lyns, in the short term, it doesn't look good with house sales unless your lucky. Come April, they're predicting house sales will start to fly again, this will be down to sipps. So if it doesn't sell before the end of the year, maybe by April.

Good luck what ever route you decide to take.
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Old Oct 18th 2005, 12:26 am
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Default Re: Renting out house in UK whilst in NZ

Originally Posted by Dave and Lyns
Hi All!

We are going through trying to sell our house at the minute and have noticed that the UK housing market has slowed up. We really wanted to get sold and complete before the end of the year but we think that's going to be a tall order :scared:

So, we have looked at other options to try and get us through this issue, as we want to get over to NZ by the end of Jan 2006, and one option is to rent ours out whilst we are over in NZ. This seems like a good idea as we can pay the mortgage, etc., with the rent, whilst we rent in NZ.

It would be useful to see if anybody else has done this, so can anyone help or give advice?

Cheers

Dave and Lyns
Yeah, we've done this. We kept our house in the UK when we moved out here, just in case! It's a good idea if you can swing it financially and the rent pays the mortgage and covers the management agency's fees (just). We reckon it's a good fall-back position to have and we saved hard to get enough to get a deposit here too. We now own a house on each side of the planet, which is quite cool.

I think we will always keep property in the UK, just simply because it's worth so much more than property here is.

Btw, they are predicting a massive drop in sales and a huge rise in mortgagee sales here in NZ as the interest rate goes up again and people who have really stretched themselves come under the cosh even more. The banks are starting to offer 100% mortgages here which is a sure sign that sales of mortgages are slowing. So, in 12-18 months time, you may be able to buy some very reasonably priced houses! Something to bear in mind.
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Old Oct 18th 2005, 1:48 am
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Default Re: Renting out house in UK whilst in NZ

Hiya...

We have 2 houses in the UK still and rent them both out. Mines been rented out for a few years now, since I moved in with my partner. We use a Property Management company in Peterborough to handle everything for us. When we moved here we decided to rent my partners house out too so we get a small discount for the management company having both houses.

The rent pays the mortgages but to be honest we dont really make much money on them.... we said we will rent in NZ for 2 years and then decide what we want to do just to give ourselves options and not dive into buying straight away.

Speak to some Property Management companies and see what they can do for you...dont be scared to knock the management fee down too....haggle with them over it and they will come down if they want your property.

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Old Oct 18th 2005, 5:09 am
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Default Re: Renting out house in UK whilst in NZ

There is an old guy who lives nearby, he owns property throughout NZ, shrewd business man he is. Was talking with him just at the weekend and he was talking about the interest rate going up soon.
He says he will be ready to purchase a few houses when folk have overstretched their budget and can no longer afford the high interest, he knows the score.
It may be worth holding off buying straight away in NZ at the moment if you can. You could end up with a bargain, unfortunately at someones loss though.
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Old Oct 18th 2005, 5:33 am
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Default Re: Renting out house in UK whilst in NZ

Originally Posted by Dave and Lyns
Hi All!

We are going through trying to sell our house at the minute and have noticed that the UK housing market has slowed up. We really wanted to get sold and complete before the end of the year but we think that's going to be a tall order :scared:

So, we have looked at other options to try and get us through this issue, as we want to get over to NZ by the end of Jan 2006, and one option is to rent ours out whilst we are over in NZ. This seems like a good idea as we can pay the mortgage, etc., with the rent, whilst we rent in NZ.

It would be useful to see if anybody else has done this, so can anyone help or give advice?

Cheers

Dave and Lyns
Hi Dave and Lyns, is your house near or easily commutable to a hospital, or army base, as I know a few people who have registered their property this way, and always had good tenants. You don't pay any management fees either, particularly for hospitals, as there's always a shortage of good quality accommodation for student doctors. You may get lucky and get a student doctor with a family, in which case you wouldn't have to be concerned about several adults sharing your property.
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