SaffanZimbo Posted November 2, 2012 Share Posted November 2, 2012 We were not sure whether to rent or sell but after having the estate agents around (2 agnetse - one sales and one rentals - who spent over 2 hours!) our minds are made up to rent. Even the sales agents said "off the record" that we should rent not sell! This sets us back time wise for making the big more as we now have to save, save, save for flights, container shipping and set up costs as there is no house sale money to fund the move. The rental range we were quoted is amazing but both agents said it is a landlords market at present and rents have risen sharply in the last 2-3 years. We are quite relieved to be honest as we do want to make the move but with the WA mining sector going through a dip at present we will bide our time and save to make the move in 2014/2015. We are off to Perth in March/April to validate our visas and have a good look at cost of living, rentals, schools etc. Through this forum we will then keep up todate with happenings on the ground. Some postings have been an invaluable source of info and we'll continue to keep abreast of key facts ahead of the move. Good luck to all those trying to sell before their move. Unfortunately, with the banks not lending at present there are limited buyers out there and those buyers are unfortunatley (for sellers) being able to be more demanding/selective in their choice. Link to comment Share on other sites More sharing options...
rachall Posted November 2, 2012 Author Share Posted November 2, 2012 This thread makes for depressing reading - there are so many of us trapped. We have had nothing but positive feedback (and some time wasters) . I have looked into rental following on from some of the comments on here and am now more frustrated than ever. My mortgage company will impose so many conditions on us that financially we won't be able to rent it out. It's also looking unlikely that we will get a buy to let as we are leaving the country. Fingers crossed that things pick up in the new year. I have resigned myself to the fact that I won't be moving before then. Sending positive thoughts to of my fellow home sellers x Link to comment Share on other sites More sharing options...
mng75 Posted November 2, 2012 Share Posted November 2, 2012 We've just lost our buyer, she's pulled out. All of a sudden her budget is 25k less than her offer so we're back at the beginning. We're going to the bank on Monday to see what would be involved in renting it out and if they'd let us do that. We don't have a high enough LTV ratio to switch to a buy to let mortgage but I know some will do it for a fee. Can't see getting another buyer before we fly now. Link to comment Share on other sites More sharing options...
rachall Posted November 2, 2012 Author Share Posted November 2, 2012 So sorry to hear the mng75. Hope your bank can help. Link to comment Share on other sites More sharing options...
mng75 Posted November 2, 2012 Share Posted November 2, 2012 Ah well, at least we won't need to find temporary accommodation before we go! Link to comment Share on other sites More sharing options...
Rupert Posted November 2, 2012 Share Posted November 2, 2012 This thread makes for depressing reading - there are so many of us trapped. We have had nothing but positive feedback (and some time wasters) . I have looked into rental following on from some of the comments on here and am now more frustrated than ever. My mortgage company will impose so many conditions on us that financially we won't be able to rent it out. It's also looking unlikely that we will get a buy to let as we are leaving the country. Fingers crossed that things pick up in the new year. I have resigned myself to the fact that I won't be moving before then. Sending positive thoughts to of my fellow home sellers x You are only trapped if you let yourself be trapped. Honestly in last two or three years there are so many of us that have found a way to rent out the house in UK and make the move. If we can do it so can you. I told my mortgage company we were going temporarily (which it would have been if we did not like it) and they let me stay on the same mortgage. OtherwiseI would have changed mortgage, yes would have been more expensive but that is a cost of emigration. Link to comment Share on other sites More sharing options...
Murta Posted November 2, 2012 Share Posted November 2, 2012 I am in the same boat, placed my house on the market today with the hope of having 10k start up for oz. Renting is nice in theory but mort would be 100£ more than tenants would pay then another 12o rates per month..of course then life assurance and house another 150 ...so i guess all in all I would have to be sending home guts 400£ per month. nOT FOR US . I really have no issue in coming back and moving into rented accomodation. good luck to all!!! Link to comment Share on other sites More sharing options...
mng75 Posted November 25, 2012 Share Posted November 25, 2012 We're now looking at rental since our sale has fallen through. We'll be sending back around £200 a month, but that's still better than the £700 a month we'd be sending back otherwise. I doubt we'll find a buyer before we fly now, and even if we did we wouldn't complete in time so there'd still be the chance of the buyer pulling out (stupid English house buying system, it's ridiculous). Link to comment Share on other sites More sharing options...
Geraldine Posted November 25, 2012 Share Posted November 25, 2012 I mentioned on here that we hadn't sold our home (still haven't) so we put it on for rent and 5 days later someone came and wanted it. This was a complete surprise as our house is expensive to rent. We asked our mortgage company Woolwich underwritten by Barclays and they said we can rent out for up to 2 yrs on the same mortgage rate with a £25.00 fee. Our agent will manage the whole process and the property in our absence. I negotiated 6.5% + vat of the monthly rent. Whilst our mortgage rate is as low as it is for us I am hoping that we can make a couple of hundred a month taking into account landlords insurance. Please keep all fingers crossed for us... I've heard some of the bad tenant stories..... Link to comment Share on other sites More sharing options...
mng75 Posted November 25, 2012 Share Posted November 25, 2012 Our mortgage provider (HSBC) don't charge a fee and will let us rent it out, fortunately. The fee here is 10-12% and there's not enough competition to talk them down from that and rental values here in the Midlands aren't great, so won't cover our mortgage. Will keep everything crossed that you get nice tenants! Have you got landlords insurance? We're most worried about the boiler which is now 13 years old and even a Worcester Bosch doesn't last forever... Link to comment Share on other sites More sharing options...
rachall Posted November 25, 2012 Author Share Posted November 25, 2012 Glad that you managed to rent it out Geraldine, sorry to hear your news mng75, hopefully it will be sorted for you soon. Renting wasn't really an option for us, northern rock wanted 1400 a year upfront to rent along with various other clauses and we didn't really want the hassle of changing leaders. But good news, we have sold!!! Our buyers are already further down the legal process than us and will be completing sooner and moving in with family. We have asked for a 28 day exchange, so fingers crossed it will happen before Christmas, although they are happy for us to remain in the house over the festive period. Keep us updated, keeping my fingers crossed for you all xx Link to comment Share on other sites More sharing options...
mng75 Posted November 25, 2012 Share Posted November 25, 2012 Oh, that's brilliant!! Keeping everything crossed. Link to comment Share on other sites More sharing options...
whichway1 Posted November 25, 2012 Share Posted November 25, 2012 Because I am not a wine drinker, when you said Shiraz I was thinking is this really a good time to be opening your own business? and then I got it :rolleyes: I hope you sell soon, it must be very frustrating and sad for you x x OMG just saw you sold!! woop woop. Do you believe in the positive wishes of PIO members :yes: Link to comment Share on other sites More sharing options...
Metoo Posted November 25, 2012 Share Posted November 25, 2012 Fantastic news, hope all goes smoothly for you form now on. another major hurdle cleared :biggrin: Link to comment Share on other sites More sharing options...
rachall Posted November 25, 2012 Author Share Posted November 25, 2012 Because I am not a wine drinker, when you said Shiraz I was thinking is this really a good time to be opening your own business? and then I got it :rolleyes: I hope you sell soon, it must be very frustrating and sad for you x x OMG just saw you sold!! woop woop. Do you believe in the positive wishes of PIO members :yes: Thanks whichway1, I have long been a believer in the power of postive thought :yes: (courtesy of a cancer patient with dementia - but that's another story!). And also a great believer in karma, what goes around, comes around. The people on here, who share their hopes and dreams, their highs and lows, have been a great support even though I don't know them. They have become an extended cyber family and I wish them all well. xx Link to comment Share on other sites More sharing options...
rachall Posted November 25, 2012 Author Share Posted November 25, 2012 Fantastic news, hope all goes smoothly for you form now on. another major hurdle cleared :biggrin: Just got to get that caravan shipped!!! :laugh: Link to comment Share on other sites More sharing options...
Chortlepuss Posted November 26, 2012 Share Posted November 26, 2012 If you're renting out your UK house on PR visa, remember that you can claim any loss against Australian tax. You income will be derived from rental income minus mortgage interest and costs of property (managing agents, repairs, maintenance, gardening etc). If you can re-mortgage to get your interest amount up, so much the better. Get a property valuation before you come. You don't pay tax on your Uk property if you are here on 457 visa Link to comment Share on other sites More sharing options...
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