Moving abroad is not always easy to do. There are just so many details to figure out and challenges to meet. This move can be overwhelming at times but with the right help, you can make sure your home is rented and in safe hands.
To get this help, you need a top estate agent firm to help you sort out all the details in this part of your move. Having experienced help is the way to go as that way you won’t miss anything and you won’t get into trouble while you are away.
This is a big step as it may not be as simple as you had hoped. There are different aspects to this step that you may not be aware of. Here are a few aspects you should be concerned about
This is an important detail that you have to talk about with your mortgage company. If this decision to rent does not violate any terms of your contract then you are fine. But some contracts may need to be changed to a buy-to-let contract. Check with your mortgage firm to make sure.
The government will find a way to get their fair share of your rental income. If your home rents for more than £100 per week, then, you need a letting agent to handle your property.
There are different situations when it comes to renting even for a short period of time. Talk to an experienced letting agency to get all the information on this aspect of renting while you are overseas.
This is a big decision to make as it can be difficult to manage your own property while you are thousands of miles away. Check with the top property management firms to see if this is a better option for your situation.
The Non-Resident Landlord Scheme is an HMRC-run scheme that helps manage your taxes. There are some complicated paragraphs in this scheme that may confuse many UK landlords when they are moving overseas.
However, the basic structure is that if your house rents for more than £100 per week then you must either hire a letting agent to handle the rental and tax payments or make sure the tenant does it.
What this scheme means is that HRMC gets paid first before you get paid. The tenant or letting agent must pay your tax for you before sending you the rent money.
Check with a reputable letting agency to learn about all the rules that must be met while you are living abroad.
This is a tough decision to make. Some UK residents who move abroad like to have a place to come back to. Selling to them would not be an option as it removes that luxury.
But if you are not sure how long you will be away renting may be the best route to go. Not only do you get some income to pay your mortgage, but you also get to return to your home, even if it is for a short-term stay.
If your overseas opportunity is for only a year or two, it makes more sense to rent instead of spending the time and money to house hunt when you return. This is a question you have to answer yourself as your situation will be different from other UK residents who are going overseas to live.
Get some expert advice to help you make the right decision.
It pays to get some good advice before you make this decision. Property values change from year to year and sometimes even month to month. If you are locked into a mortgage, renting is a great way to have someone else pay your loan and you benefit from the rise in house value.
Having some extra income while you are away helps pad your retirement benefits and may cut your tax payments. If you sell, those same high house values may price you out of the market when you return.
Or if you are lucky, the values will go down and you can take advantage of those lower prices. Selling is a gamble as it leaves you without a home to return to when you want to come back to the country.
Plus, you may not want to spend your money buying a higher-priced home. It is a tough decision but you have to make it after you get all the facts. Forecasts are not always correct either.
This move takes a lot of pressure off your shoulders. By hiring the right property management firm, you can enjoy the benefits of renting your property while others handle all the worries and problems.
There are a lot of good property management agencies in the city that can handle your property for the right price. It will take some vetting to narrow the field down but once you find the perfect company for you, you can relax easier while you are away.
Hiring a good letting company keeps your house in top shape. They will have damage and other problems fixed before you get home. Plus, they will pay your taxes for you.
When you are considering a move abroad, give our company a call. We have had over 10 years of experience handling these tough property situations. Our professionals can answer your questions and make sure you get the information you need.
Once that is done you can make the best decision for your property situation. Call us today so we can use our experience to help you have a better financial picture. Helping with the hard decisions is our speciality.
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