cutchibear Posted September 30, 2014 Report Share Posted September 30, 2014 Hi all, Has anyone experience of renting their UK home out whilst making the move down under? Our house is currently up for sale, but nothing seems to be happening. We have discussed renting it if we can't sell. We are quite happy to go down this route if needs be. However, we have never rented a home before and are trying to get our head around it all. Please could someone give us some pointers, e.g. things we will need to consider? How have you found liaising with an agency from OZ? Thanks in advance. Laura Quote Link to comment Share on other sites More sharing options...
82rhoads Posted September 30, 2014 Report Share Posted September 30, 2014 Hi, we've rented our house out in the uk and so far things have been ok. Things to consider are, landlord insurance incase of non payment by tenant, telling your mortgage provider that you're renting out the property ( they may increase your mortgage rate for this ). We're with halifax on a fixed term and because it was fixed they didn't increase the rate, but be sure to tell them as it could affect the insurance incase of a payout. Try and find a recommended estate agent, and one that won't charge a stupid rate. Around 10-12% is fair. There will be set up fees and renew fees every 6 or 12 months. A gas safe certificate is needed and and safe electrics, although we were told it didn't need a full electric test but a new or up to date trip box is a good idea. Also, you will get taxed in aus for the rental income so make sure it's divided between 2 if you can...husband/wife. We've only had to call the agent a couple of times so far so we're quite happy or lucky!! can't think of anything else at the the mo. Hope that helps. Quote Link to comment Share on other sites More sharing options...
Druid Posted September 30, 2014 Report Share Posted September 30, 2014 We renting ours out, 82rhoads has got most of it covered, we don't have friends or family living close by so we had to go fully managed with an agent to take care of maintenance etc, our biggest problem was getting consent to let from santander, they didn't have a problem with us letting and didn't change our interest rate or anything, the bloody letter just too absolutely ages, and then it was wrong so we had to start all over again, the gant would let it out without this letter, they also organised everything else, the gas & electric safety cents, the insurance which we got through them at preferential rate, so far so good, no problems. You are going to have to get an inland revenue letter stating you not in the country for tax purposes, this way the agent doesn't deduct tax and pays you the full amount, then you going to have to sign up with inland revenue to lodge a tax return every year in the UK for the income less any expenses, this is taxable, then you going to have to offset your UK tax return against your Aussie tax return so you don't get taxed twice on the same income, get a good tax accountant, much simpler, there fees are tax deductable too Quote Link to comment Share on other sites More sharing options...
cutchibear Posted September 30, 2014 Author Report Share Posted September 30, 2014 Bloomin eck, lots to think about Shall get my husband to have a gander over this thread too!! Quote Link to comment Share on other sites More sharing options...
Laz Posted October 1, 2014 Report Share Posted October 1, 2014 as per above but we also had to have hard wired smoke detectors installed. Maybe you have those already... We had no probs renting our house out for two years through an agent but I'd say even the best of tenants dont look after it like you would. Sent from my GT-I9100 using Tapatalk 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.