owen2k Posted October 24, 2014 Share Posted October 24, 2014 When we come to Oz our plan is to try and come on a PR Visa and sell our house in the UK and invest in a property out there after say 6 months of renting.. My question is has anyone ever used one of those house buying companies? That buy your house then sell it on for a profit? As I understand they will offer less for the property but if it's 5 or 6k less than selling it to a new buyer then for the convenience of being able to time the sale of it as close to the departure date and not having to find a short term rent somewhere in between selling and moving out would make it worthwhile. I would normally not look at one of these sort of things with a bargepole but thought best to ask as the convenience of it sounds great for this type of situation Link to comment Share on other sites More sharing options...
batman Posted October 24, 2014 Share Posted October 24, 2014 Hi, We got offered that, the deal we got offered was they offer you a significantly reduced amount on sale and you get the rest 5 years down the track. They are looking for people who are desperate too sell. we waited and sold through an agent. Link to comment Share on other sites More sharing options...
owen2k Posted October 24, 2014 Author Share Posted October 24, 2014 Thanks for advice, I thought they'd be some catch to it, I can imagine now trying to get the remainder from them from the other side of the world, and having ones life put on hold in the meantime Link to comment Share on other sites More sharing options...
owen2k Posted October 24, 2014 Author Share Posted October 24, 2014 On a related question, I guess if we went on a permanent visa, we would be subject to capital gains tax if we sold it after we arrived in Oz, as I understand it, this is the difference between the amount it was worth when we leave the UK and the amount it was sold for, if that's corrrect, are there steps we should follow before leaving like getting it valued? Would an estate agents valuation be sufficient proof? Would we also need proof of the exchange rate at the time or would the tax department decide on what the rate was on the day we arrived in Oz, also would the capital gains tax be owed if we made a visa validation trip (holiday) then came home and sold our house say 8 months later then moved permanently to Oz assuming the value of the property had risen between the validation trip and the day we sold the house ? Link to comment Share on other sites More sharing options...
Mark 1234 Posted October 24, 2014 Share Posted October 24, 2014 Unless the rules have changed, Capital Gains are only payable on a second home or commercial property. Link to comment Share on other sites More sharing options...
MovingtoTasmania Posted October 24, 2014 Share Posted October 24, 2014 On a related question, I guess if we went on a permanent visa, we would be subject to capital gains tax if we sold it after we arrived in Oz, as I understand it, this is the difference between the amount it was worth when we leave the UK and the amount it was sold for, if that's corrrect, are there steps we should follow before leaving like getting it valued? Would an estate agents valuation be sufficient proof? Would we also need proof of the exchange rate at the time or would the tax department decide on what the rate was on the day we arrived in Oz, also would the capital gains tax be owed if we made a visa validation trip (holiday) then came home and sold our house say 8 months later then moved permanently to Oz assuming the value of the property had risen between the validation trip and the day we sold the house ? There wouldn't be capital gains to pay after a validation trip as that is a holiday, not taking up residence and I think that currently, you would have to be very unlucky to move and then sell the house and have to pay CGT as unless you live in a highly desirable area where property prices are going through the roof, what is the likelihood of any profit being more than any costs incurred after you moved, before you sold and also more than yours and your partner's combined tax allowance? Link to comment Share on other sites More sharing options...
MovingtoTasmania Posted October 24, 2014 Share Posted October 24, 2014 When we come to Oz our plan is to try and come on a PR Visa and sell our house in the UK and invest in a property out there after say 6 months of renting.. My question is has anyone ever used one of those house buying companies? That buy your house then sell it on for a profit? As I understand they will offer less for the property but if it's 5 or 6k less than selling it to a new buyer then for the convenience of being able to time the sale of it as close to the departure date and not having to find a short term rent somewhere in between selling and moving out would make it worthwhile. I would normally not look at one of these sort of things with a bargepole but thought best to ask as the convenience of it sounds great for this type of situation Don't touch them with a bargepole as the maximum you will get is 70% or thereabouts of what they think your house is worth, not necessarily the market value. Link to comment Share on other sites More sharing options...
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