Guest FlyByNight

A Cunning Plan (for our still 'for sale' house)

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    Guest FlyByNight

    Today I received Police Clearance Certificates from Cyprus having served there whilst in the Army. That was the final piece of our visa jigsaw to fall into place. We have recently had our meds and the UK police checks came through almost before we had requested them!!

     

    So now we wait a bit more for the decision maker's 'decision'.

     

    And sell the house.....................or so we thought :idea:

     

    Those of you in the 'house to sell' predicament may be interested to know that we, having investigated and refuted the letting idea decided we can just lock up - and go.

     

    The house will remain on the market just 'brewing' until we receive an acceptable offer, and we will rent out in Adelaide until we are in a position to buy. The only difference being we may need to set our sights lower for a period to afford the rent and service our mortgage back in the UK. It will probably mean that we take a little longer to consider ouselves 'settled' but with the bleak news coming out of the telly over here each evening the prospect suddenly doesn't seem so bad!

     

    I know not everyone will be in a position to do this but thought I might offer it up for your consideration and discussion, having read with interest the many threads alluding to this catch 22 situation.

     

    The other idea I had was that if all PIA members club together - we might (no promises) be able to form some kind of 'Co-operative' and put in a purchase bid for the new Lloyds / TSB / HBOS consortium (or whatever you call it) and sort out the whole mortgage market in one swoop.

     

    I'm still working out the fine detail on that one ;).

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    Guest LOOBYLOO

    We are thinking the same. Fortunately we do not have a mortgage. OH wants to leave house with an estate agent but I worry if there is a problem with the property and too far away to solve it. Insurance can be difficult if not living in the property. We have our visa and are desparate to get there....but at what cost?

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    Guest FlyByNight

    Good point - we haven't investigated the options to this extent yet, but there are management agencies out there who will look after vacant properties.

     

    I suspect that if you go through a reputable, contractually bound agency then the insurance issue might be a little easier. More expense I know, but worth it for the peace of mind?

     

    Now I've mentioned it, does anyone know / have experience of said management agencies? Our estate agent is willing to keep an 'unofficial' eye on the place, but we need something a little more binding - especially as the house will remain on the market.

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    Good point - we haven't investigated the options to this extent yet, but there are management agencies out there who will look after vacant properties.

     

    I suspect that if you go through a reputable, contractually bound agency then the insurance issue might be a little easier. More expense I know, but worth it for the peace of mind?

     

    Now I've mentioned it, does anyone know / have experience of said management agencies? Our estate agent is willing to keep an 'unofficial' eye on the place, but we need something a little more binding - especially as the house will remain on the market.

     

    Hi FlyByNight

     

    Where are you? As my brother runs a property management company and has offices in Wiltshire and Monmothshire. http://www.select-properties.co.uk/

     

    Howard :)

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    We are also in the same boat, however we have a friend of a friend going to rent our house, until this awful housing slump fixes itself. I got a solicitor to draw up a contract just for peace of mind on an annual basis...

     

    Hopefully in a year or possibly 2 we can then sell the house and look forward to some money reaching our bank accounts in OZ!!

     

    Also with regards to Insurance, i work for an insurance company and know most companies wont insure if you are leaving the property unoccupied for more than 90 days( thats of course if they know!!!) But could try them, if you have a company looking after the place, putting heating on etc to avoid pipes freezing!!

     

    Hope all goes well, its alot to risk but as you ay"flybynight"--- i agree!!!

     

    Am loving that idea about the CO_OP!!!!!

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    Guest Tones

    Same boat!!! Beware of the tax pitfalls - do your research! Dilemas dilemas ??

    We bought our UK house before the last property boom [and for the price of a car]. I have mates who've crashed at the final stage of imigration when they failed to sell up. We can afford to let our house really cheap to attract a long-term tenant. However we'd rather sell it and escape to OZ with our lump for obvious reasons, however we're forced to let our UK property for coincident of needs: i.e. should UK housing market recovery coincide with our settlement and readiness to sell/buy in Australia. But here's a trip !!! - "OZ GIVES 2 YEARS TAX FREE CAPITAL GAINS MADE ON YOUR UK HOUSE", and thereafter OZ will grant 50% tax relief on your combined OZ income as delcared on your yearly tax return.

     

    Here's your options but both with consequences:

    1] Quick sale of your UK house via property buying firm - bite the bullet - Sums lost on any outrageous offer can be compensated with the current OZ/£ exchange rate.

    2] Let your house until the UK housing market recovers - Crystal ball anyone? should this burden materialize, time may exede your Free OZ Capital Gains deadline, and you'll have to concede your profit equal to your loss in option 1.

     

    My best mate is desperatley selling his portfolio of properties - he claims property management is a difficult task even when in close proximety, never mind when located on the otherside of the planet. He recomends we get rid and quick !

     

    I've consulted local letting agents who'll manage the whole rental process with all singing and dancing service with bells on etc.....but its the norm for these companies to draw at will on account proceeds where required - can they be trusted? I also understand they'll charge 10% rental commision and a hefty £400 ish everytime they advertise for a new tenant - hence you must prey for long-term as well as respectable takers.

     

    Good luck Everyone

     

    Wayne

    Family of 4 moving to Adelaide [sometime this century]

    At final stage - waiting visa to be processed

    currently working never-ending notice at work

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    Guest rockpool crab
    . But here's a trip !!! - "OZ GIVES 2 YEARS TAX FREE CAPITAL GAINS MADE ON YOUR UK HOUSE", and thereafter OZ will grant 50% tax relief on your combined OZ income as delcared on your yearly tax return.

     

    Hiya, Looks like we're going to rent now too, we have tennants waiting to move in, as well as actually buy the property (but they need to sell theirs first)..but they will happily rent ours just now until such times as they can afford to buy.

     

    I'm just looking at your statement above. I would hope that we would have our house sold to our tennants before 2 years..but lets say we don't..are you saying that if we went over to years then any equity we have made on our UK house..Oz would then take 50% of this?

     

    Sorry if this sounds newbish..I hadn't thought about the capital gains tax side of it all.

     

    If what I've said is true..couldn't one of us come home and live in it again for a couple of months then re-rent, thus starting again..would that be an option?

     

    Hope you can help clarify.

     

    Carol Ann

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