Imapla Posted June 24, 2017 Share Posted June 24, 2017 HI Interested to hear from those who struggled to sell their UK house to coincide with their move over - the market seems very slow at the moment and we don't want to rent it out. Do we leave before its sold ? Any top tips welcomed Quote Link to comment Share on other sites More sharing options...
evets Posted June 24, 2017 Share Posted June 24, 2017 Would be a good idea to rent it for at least a year until you get settled and decide on a permanent location. The market is running pretty flat in parts of Oz, so may give you breathing space... then again who knows as the Oz market is stoopid at the moment. That aside, who knows what Brexit will do in the next year to the UK housing market, as long as you have equity in your property you should be fine. 1 Quote Link to comment Share on other sites More sharing options...
Itraf Posted June 24, 2017 Share Posted June 24, 2017 I would recommend you keep property in uk rent it out This is what i would do, my opinion only, i wd sell on a good market. Dont rush into buying. Rent for a year at least to test waters. V important to look at rules of non aus citizens buying in australia. Rules have changed and tax laws Can end up being costly buying in australia. Make sure you will be permanently aussie before buying Quote Link to comment Share on other sites More sharing options...
Evandale Posted June 24, 2017 Share Posted June 24, 2017 4 hours ago, Imapla said: HI Interested to hear from those who struggled to sell their UK house to coincide with their move over - the market seems very slow at the moment and we don't want to rent it out. Do we leave before its sold ? Any top tips welcomed "we don't want to rent it out" leaving an unoccupied home would probably invalidate your home insurance, usually there is a time frame 30/60 days (?) if you have a mortgage contacting your lender for permission to rent out would be advisable. Is it possible to reduce the price, it could save you so much worry and travel expense going to and fro? Quote Link to comment Share on other sites More sharing options...
evets Posted June 24, 2017 Share Posted June 24, 2017 2 hours ago, Evandale said: "we don't want to rent it out" leaving an unoccupied home would probably invalidate your home insurance, usually there is a time frame 30/60 days (?) if you have a mortgage contacting your lender for permission to rent out would be advisable. Is it possible to reduce the price, it could save you so much worry and travel expense going to and fro? Also you would not have to pay Capitcal gains tax, if you sold it prior to leaving. So discounting the property may save you pounds in the future. Do you have you heart set on a specific area to live, or will you be looking when you arrive? Quote Link to comment Share on other sites More sharing options...
Guest Posted June 25, 2017 Share Posted June 25, 2017 11 hours ago, Evandale said: "we don't want to rent it out" leaving an unoccupied home would probably invalidate your home insurance, usually there is a time frame 30/60 days (?) if you have a mortgage contacting your lender for permission to rent out would be advisable. Is it possible to reduce the price, it could save you so much worry and travel expense going to and fro? Agree with this. If you have a mortgage, contact the lender to see if you are able to rent it out for a period of time. And then contact some letting agents and read reviews on them etc before you decide to go ahead and use one. If you decide to go it alone to rent it out, research well. Or if you really want to shift it, drop the price if you are able and see if you can get a quick sale. Quote Link to comment Share on other sites More sharing options...
LKC Posted June 28, 2017 Share Posted June 28, 2017 We left the UK with our house unsold in 2009, just as the GFC hit. We had no choice but to do that - OH had a 457 visa and his company needed him to start asap, and we had two very small children, so me staying behind with them until it was sold was not an option. I can't remember the ins and outs of it all, but my in-laws basically took control of it, and they and our estate agent liaised with each other, and then mil liaised with us. We sold it about four months after we arrived in Australia, but for less than we'd bought it for, two years earlier. We decided that we'd have to take the hit on the price, or we could be waiting around for months, if not years, to sell. If I recall correctly, we had 'empty house insurance' which covered the house whilst it was empty. To be honest, if I were in your shoes, I'd either let it out for a while and keep an eye on the market to see what happens, or I'd drop the price and take the hit. I'm not sure what the capital gains tax situation would be, I'd always thought it wasn't payable on your home, but not sure what happens if you let it out short term. Good luck with it, I have been in your position and can appreciate just how stressful it is. 3 Quote Link to comment Share on other sites More sharing options...
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