Ideas on moving a broad with property in the UK
Discussion
So, I may be jumping the gun slightly, but I'm likely to find out in the next week or so as to whether I have got a job overseas.
I currently own a 2 bed flat in Bournemouth that I have had for 5 years - paid 180k for it in 2005. I still owe 120k to the mortgage company (being paid back capital and interest @ £820pm) and another loan to my parents for 80k (interest only @£300pm) - so at present . Now mathemeticians will note that I borrowed more than the property - I used this to clear some debts, and buy a car.
I reckon I could sell it for maybe 170k, rental for the area is c.8-900 depending on if I leave it furnished or not.
So my question is, what would you do - try and rent the flat, or just sell up and move everything (and why)?
Personally, I'm bordering on the latter as I don't want to get stung by management fees, and still having to pay maintenance charges, wear and tear etc. I'm also concerned about the state of GBP in the next 5 years and house prices falling. On the otherhand, I would keep my exposure to teh UK (not sure this is a great thing) and it could work out as a cheap way to pay down my mortgage...
ETA mods can you change the title before the funny b
ds descend??
I currently own a 2 bed flat in Bournemouth that I have had for 5 years - paid 180k for it in 2005. I still owe 120k to the mortgage company (being paid back capital and interest @ £820pm) and another loan to my parents for 80k (interest only @£300pm) - so at present . Now mathemeticians will note that I borrowed more than the property - I used this to clear some debts, and buy a car.
I reckon I could sell it for maybe 170k, rental for the area is c.8-900 depending on if I leave it furnished or not.
So my question is, what would you do - try and rent the flat, or just sell up and move everything (and why)?
Personally, I'm bordering on the latter as I don't want to get stung by management fees, and still having to pay maintenance charges, wear and tear etc. I'm also concerned about the state of GBP in the next 5 years and house prices falling. On the otherhand, I would keep my exposure to teh UK (not sure this is a great thing) and it could work out as a cheap way to pay down my mortgage...
ETA mods can you change the title before the funny b
ds descend??Edited by Bing o on Friday 12th February 14:01
Where would you be moving too?
In some countries you would have some bad tax implications if you sold the property whilst resident in that country (e.g. the US).
When i moved to the States I did keep my house and rent it out because i was on a three year contract and knew I'd move back afterwards. If i thought that I'd be staying in the US I would have sold up.
In some countries you would have some bad tax implications if you sold the property whilst resident in that country (e.g. the US).
When i moved to the States I did keep my house and rent it out because i was on a three year contract and knew I'd move back afterwards. If i thought that I'd be staying in the US I would have sold up.
Thread resurrection, and thinkgs never go as planned, but I've finally secured an offer in Singapore that I've accepted. With the upcoming budget, would you now rent out or sell?
If I did BTL would I be better off switching to I/O and overpaying the mortgage whilst the SGD is trong against the pound, or should I cut my exposure to the UK entirely?
If I did BTL would I be better off switching to I/O and overpaying the mortgage whilst the SGD is trong against the pound, or should I cut my exposure to the UK entirely?
Bing o said:
Thread resurrection, and thinkgs never go as planned, but I've finally secured an offer in Singapore that I've accepted. With the upcoming budget, would you now rent out or sell?
If I did BTL would I be better off switching to I/O and overpaying the mortgage whilst the SGD is trong against the pound, or should I cut my exposure to the UK entirely?
Do you ever intend coming back?? If so keep it. Remember also overseas employment can be notoriously fickle...you may not like it (no really, you may not), your employer may not like you. You could be back in the UK far quicker than you ever anticipated. Remeber also it wouldn;t strictly be a BTL, since if you caome back it becomes your main residence again so no CGT.If I did BTL would I be better off switching to I/O and overpaying the mortgage whilst the SGD is trong against the pound, or should I cut my exposure to the UK entirely?
GT03ROB said:
Do you ever intend coming back?? If so keep it. Remember also overseas employment can be notoriously fickle...you may not like it (no really, you may not), your employer may not like you. You could be back in the UK far quicker than you ever anticipated. Remeber also it wouldn;t strictly be a BTL, since if you caome back it becomes your main residence again so no CGT.
Not for a few years probably, and not to the same area - it's too far from my most likely place of work. I'm moving internally within a similar area, so that shouldn't be an issue - but it's a good point!!Depending on what your salary is going to be in Singapore, if you can afford it i would keep it and rent it out?
What area of Bournemouth? Most 2 bed flats rent pretty well and if you are ready to move out now there are plenty of tenants looking.
Find a good agent, haggle them and make sure you get a good managed deal unless you have family etc willing to look after the niggles that may come up whilst you are away.
At the end of the day by the sounds of it you will be coming back. You will want somewhere to live and who knows where the market will be at that time or what getting a mortgage will be like?
At least providing you keep your payments up to date etc you will have a credit history and hopefully a property that may well have appreciated even if only a little?
Dont forget to budget for void periods and replacements and repairs etc
Good luck
What area of Bournemouth? Most 2 bed flats rent pretty well and if you are ready to move out now there are plenty of tenants looking.
Find a good agent, haggle them and make sure you get a good managed deal unless you have family etc willing to look after the niggles that may come up whilst you are away.
At the end of the day by the sounds of it you will be coming back. You will want somewhere to live and who knows where the market will be at that time or what getting a mortgage will be like?
At least providing you keep your payments up to date etc you will have a credit history and hopefully a property that may well have appreciated even if only a little?
Dont forget to budget for void periods and replacements and repairs etc
Good luck
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