Returning To Adelaide need advice please

[kadina]

Want to move back to Adelaide from Devon. Miss the country heaps and shouldnt of moved back.

Main problem is we have a house over here that is taking up most of our finances. House prices and exchange rates

aint that good or*but dont really want to hang around waiting for years for it to change (if ever) before we sell.

Has anyone got any advice on renting out there uk property. Dont really want to do this but i dont really*

want to stay here either. I was thinking of renting out the uk property and using that money to pay for aussie rental or*

investment maybe. If anyone can give any advice on tax implications ie, during the tenancy or future sale. Also if

anyone knows a good rental agent or tax man in south devon that would be very helpful.

Thanks in advance

:arghh:

[snifter]

I know of a good rental agent called Devon Rose. I've had dealings with them in the past and they were always very good. Been around for years now, started off as a holiday rental company and expanded into longer term ones (and I think estate agents now also but not sure).

 

Look them up and read some stuff on them and see what you think.

[JimandBarbinAus]

You are only taxed on 'profit' from rent. Therefore your monthly income from this you deduct yor monthly mortagge payment, letting agent fee, insurances, and what you are left with is profit and therefore 'taxed' . You can omit this liability by changing your mortgage to a repayment which omits any profit. Therefore there is no tax admin to declare and your mortgage is being paid off in uk whilst youre in adelaide. It just means you wont be able to rely on any rental income from house but at same time your mortgage is being reduced and if your wages are o.k then you should be fine anyway

[Guest nic-manchester]

We rented our house out been here two months put it with a managed letting agent which was condition of mortgage and they do quarterly inspections which is good piece of mind. No looking back we vetted the tenants and are friends with them not had any problems so far so piece of mind someone is looking after it and paying for the use of it. It is making us money which we will repay off the mortgage each year as we switched to interest only for financial piece of mind so we knew we could afford it if there was no remnant in.

 

You can apply for no tax to be deducted from rent from hmrc, and don't quote me on this but you can have I think it's 3500 each rental income profits before any tax will be due, and ni will be exempt.

 

Hope this helps, just do your research make sure you have consent to let an insurance, an you can afford mortgage if you got no tenants and you can't go wrong

 

Nicola

[Guest JayandEm]

Hi ya Stags are pretty good estate agents and they do property management as well. Not sure where you are in south devon - they have offices in dartmouith, kingsbridge, totnes and they were going to open a branch in torquay. Emma