rental of property in uk to get to new zealand

10POSTS

15 years ago

we are looking to rent our property in the uk as we cant sell at the mo and we r thinkin it may be an investment in the future. Has any body else done this? would love to hear ur thoughts etc

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thekeltycat Active member

36POSTS

15 years ago

Yes we did this - but only because we could not sell it before we left. You can claim tax benefits on the income if you live outside the country too.

Glad we did not sell it now as we are planning to go home as soon as we can get our nz one sold.

I would recommend renting it and living here for a year before making any definite decisions.

jelly bean Member

10POSTS

15 years ago

Thank you for that I was not sure about tax but I will look more into that. Were you not worried about what your house would be like on your return or if your mortgage would be paid with the rent ie renters not paying you? Sorry for all the questions but I have one more - Why are you returning is it not what you expected?(is that 2?)

thekeltycat Active member

36POSTS

15 years ago

We put our house in the hands of a local agent and pay a fee that guarantees our rent even if he cannot find renters. They are also responsible for checking the property is kept up to scratch. And we specified the type of people we wanted. You can also ask a friend or family member to vet any prospective tenants.

But there is loads to do like find landlord insurance, register with your council as landlords (depending on where you live) and take out insurance for heating, gas etc to cover any breakdowns (otherwise your agent will put his own repair people in and that could cost you a fortune).

The tax thing is simple. You just complete a form and they do not tax you on your rental income as long as your own tax is up to date. You will also have to decide on whether to tell your mortgage company you are renting out (many charge you a higher rate if you do)

Why am I returning? Older, longer working hours, less pay, health down the tubes, extortionate dental costs, no money left. Will miss the weather.

I think for some it is easier to live here when you are young.

Jillinwelly Member

1POSTS

15 years ago

Hi

I rented my place out in UK too. It returns just over double the rent. It is in SE London and I plan to sell for the Olympics. NZ is great place. The life style is so much better than UK. We don't have a National Health system such as UK. One of the first things to do is get health insurnace - even at the lowest level as it costs more later in life and you have more pre existing conditions. But upside is you don't have to pay NHI - there is ACC but that is a differnt story - all about being covered for accidents. As for longer working hours - I do work long hours but for fewer days of the year and that suits me. Depends what you do. A much higher percentage of people here are self employed. I try to work hard for three seasons a year and take summer off. Doesn't always work out quite like that but pretty close.

PS - Can't see UK picking up in a hurry. But it is good to keep your prperty for now as NZ $ is very strcng against the pound. Think it could get worse before it gets better. Be prepared to be in for the long haul.

Rubytues Member

2POSTS

15 years ago

Hi we have been in NZ for nearly 2 yrs now and rent our house in UK we use an agent to manage for us they charge 7% to do this and post quarterly reports to us re condition etc.. Would recommend at moment with house prices and current exchange rate in NZ if u can

Thx Rubytues

Willy_Wonka New member

4POSTS

2 years ago

following, as I have a property too but in Germany

Bhavna Team

43439POSTS

2 years ago

Hello,

Please note that this is an old thread from 2010. All of the members are inactive. We request members to start their own thread on the New Zealand forum if they have questions or to participate on recent threads.

All the best

Bhavna

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