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  • FIRST POST
    • pramsay13
    • By pramsay13 29th Nov 17, 3:52 PM
    • 240Posts
    • 718Thanks
    pramsay13
    Living Abroad for a Year
    • #1
    • 29th Nov 17, 3:52 PM
    Living Abroad for a Year 29th Nov 17 at 3:52 PM
    We are thinking about living abroad for a year and wondering what we might do with our mortgaged house.
    Sell it and buy another house when we return?
    Rent it out for a year?
    Shut it up for a year?
    Ask about a mortgage payment holiday?
    Any other suggestions?
Page 1
    • Comms69
    • By Comms69 29th Nov 17, 3:55 PM
    • 1,315 Posts
    • 1,072 Thanks
    Comms69
    • #2
    • 29th Nov 17, 3:55 PM
    • #2
    • 29th Nov 17, 3:55 PM
    Those are your basic options.


    I would not be renting it out if you NEED it back when you return
    • hayleylouise1991
    • By hayleylouise1991 29th Nov 17, 4:37 PM
    • 12 Posts
    • 1 Thanks
    hayleylouise1991
    • #3
    • 29th Nov 17, 4:37 PM
    • #3
    • 29th Nov 17, 4:37 PM
    get a consent to let from your current mortgage lender to rent out the property and put the tenants on a 1 year AST and then you move back to the property when you return and contact your mortgage lender when you are back to get the CTL removed.
    • Comms69
    • By Comms69 29th Nov 17, 4:38 PM
    • 1,315 Posts
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    Comms69
    • #4
    • 29th Nov 17, 4:38 PM
    • #4
    • 29th Nov 17, 4:38 PM
    get a consent to let from your current mortgage lender to rent out the property and put the tenants on a 1 year AST and then you move back to the property when you return and contact your mortgage lender when you are back to get the CTL removed.
    Originally posted by hayleylouise1991
    What if the tenants refuse to leave?
    • Browntoa
    • By Browntoa 29th Nov 17, 4:42 PM
    • 31,948 Posts
    • 37,679 Thanks
    Browntoa
    • #5
    • 29th Nov 17, 4:42 PM
    • #5
    • 29th Nov 17, 4:42 PM
    Insurance is invalid if building unoccupied for more than 30 days
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • AlexMac
    • By AlexMac 29th Nov 17, 5:02 PM
    • 1,966 Posts
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    AlexMac
    • #6
    • 29th Nov 17, 5:02 PM
    • #6
    • 29th Nov 17, 5:02 PM
    Run the numbers; a lot will depend on how much your house is worth; If selling;
    -its value,
    - the cost of selling - Agents' fees of 1-2% plus,
    - Delay; typically 3-4 months from offer to completion
    - how houses are selling in your area (near me the market was hot up to a year ago, with places being snapped up in weeks, but three houses near me have stuck for months recently, without a sniff of an offer)
    - removal / storage for the furniture (my cousin paid £100 a week) -v- floggng it off and buying new

    Then when you buy again
    - stamp duty and legal expenses (which will also depend on your budget)
    - whether house prices go up in the interim (esp. if your money sits in a cash deposit account at only 1-2% interest; lower than inflation, so in effect, you're paying the bank to look after the cash). Less of a problem than a few years ago, when prices near me were rising at 10% a year- now they're flatter.
    -delay as above; unless you pop home to buy 4+ months before returning home to UK, then do the all the transaction and planning online.

    If renting- it will aslo depend on the numbers;
    - rentability and income? Rents vary by area and property; we only got £500 per month rent on a 3-bedder worth £150k in a SE coastal area a few years ago (is £6k p.a. worth getting out of bed for?), but almost twice that when we sold and bought a similarly priced 2-bedder in a commutable London suburb £10.5k is worth getting out of bed for!). Our current home would probably fetch £2-3k per month so we have actively considered your idea; but we have reliable builders for repairs and family locally to help manage...
    - fees and risk; can you manage and repair remotely via an agent (fees 6-10%+?), afford a void period and the odd £2k for a new boiler (they always bust in winter!), or cope with a bad tenant (although I've not had a bad 'un in 18 years)?

    I could go on and frequently do... Hope you decide well
    • knightstyle
    • By knightstyle 30th Nov 17, 7:11 AM
    • 4,488 Posts
    • 1,650 Thanks
    knightstyle
    • #7
    • 30th Nov 17, 7:11 AM
    • #7
    • 30th Nov 17, 7:11 AM
    Have you thought about holiday lets? We did this for a few years through an agent with a neighbour doing cleaning etc.
    Worked well and we were able to store our personal stuff in a large hall cupboard which we locked up.
    • zagubov
    • By zagubov 30th Nov 17, 7:28 AM
    • 14,953 Posts
    • 127,791 Thanks
    zagubov
    • #8
    • 30th Nov 17, 7:28 AM
    • #8
    • 30th Nov 17, 7:28 AM
    A further complication would be that you may need to appoint someone in the UK to collect money, or else find a tenant gullible enough to deal with the tax authorities themselves to pay tax on your behalf. A pretty tall order.
    Have you thought about holiday lets? We did this for a few years through an agent with a neighbour doing cleaning etc.
    Worked well and we were able to store our personal stuff in a large hall cupboard which we locked up.
    Originally posted by knightstyle
    Do international house swaps occur? Is there an organisation that regulates ormediates such exchanges? What are the admin /legal niceties?
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • Comms69
    • By Comms69 30th Nov 17, 9:53 AM
    • 1,315 Posts
    • 1,072 Thanks
    Comms69
    • #9
    • 30th Nov 17, 9:53 AM
    • #9
    • 30th Nov 17, 9:53 AM
    Have you thought about holiday lets? We did this for a few years through an agent with a neighbour doing cleaning etc.
    Worked well and we were able to store our personal stuff in a large hall cupboard which we locked up.
    Originally posted by knightstyle


    These attract business rates, which cripple many who have a single property
    • hayleylouise1991
    • By hayleylouise1991 30th Nov 17, 12:28 PM
    • 12 Posts
    • 1 Thanks
    hayleylouise1991
    thats why you have a tenancy agreement for only 1 year and you give correct notice...
    • 00ec25
    • By 00ec25 30th Nov 17, 12:36 PM
    • 5,587 Posts
    • 4,991 Thanks
    00ec25
    thats why you have a tenancy agreement for only 1 year and you give correct notice...
    Originally posted by hayleylouise1991
    as a new user you should read a few more posts about real life experiences. Then you will understand that if a tenant refuses to move out at the end of the year, the LL has no ability to throw them out until he has been through the full court process and gets bailiffs to do it for him

    typically that could take anywhere from 3 - 9 months and is a major factor to be considered by those working abroad for a finite period who intend to re-occupy their UK "home" upon return. They cannot legally enter the property if the tenant refuses to leave
    Last edited by 00ec25; 30-11-2017 at 12:47 PM.
    • Slithery
    • By Slithery 30th Nov 17, 12:41 PM
    • 365 Posts
    • 530 Thanks
    Slithery
    thats why you have a tenancy agreement for only 1 year and you give correct notice...
    Originally posted by hayleylouise1991
    This doesn't mean that the tenant has to leave.

    Landlords can't end a tenancy, the only people that can do so are the tenants or the courts. Currently the average time for evictions is about 40 weeks.
    • Scotbot
    • By Scotbot 30th Nov 17, 12:46 PM
    • 139 Posts
    • 97 Thanks
    Scotbot
    as a new user you should read a few more posts about real life experiences. Then you will understand that if a tenants refuses to move out at the end of the year the LL has no ability to throw them out until he has been through the full court process and gets bailiffs to do it for him

    typically that could take anywhere from 3 - 9 months and is a major factor to be considered by those working abroad for a finite period who intend to re-occupy their UK "home" upon return. They cannot legally enter the property if the tenant refuses to leave
    Originally posted by 00ec25
    I wonder how often this happens. I rented my house out when overseas and my issue was keeping the tenants not losing them. I know a lot of ex pats and none have ever had sn issue evicting a tenant. Issues with damage to carpet and stuff but never evictions. I always specified young professionals and they had a high turnover.
    Last edited by Scotbot; 30-11-2017 at 1:18 PM.
    • 00ec25
    • By 00ec25 30th Nov 17, 12:52 PM
    • 5,587 Posts
    • 4,991 Thanks
    00ec25
    I wonder how often this happens. I rented my house out when overseas and my issue was keeping the tenants not losing them. I know a lot of ex pats and none have ever had sn issue evicting a tennant. Issues with damage to carpet and stuff but never evictions. I always specified young professionals and they had a high turnover.
    Originally posted by Scotbot
    that is not the point. Hayley's post suggests she believes that all it takes is to serve notice and then it will "magically" be OK.

    as i said, there are posts on here from LL who have not had tenants move out after notice was served.

    just because your circle of experience does not include such issues does not mean it cannot happen, nor that the law will not let it happen, neither is true
    • Comms69
    • By Comms69 30th Nov 17, 12:59 PM
    • 1,315 Posts
    • 1,072 Thanks
    Comms69
    thats why you have a tenancy agreement for only 1 year and you give correct notice...
    Originally posted by hayleylouise1991


    Ignoring my question... - what happens if they don't leave?
    • Comms69
    • By Comms69 30th Nov 17, 1:03 PM
    • 1,315 Posts
    • 1,072 Thanks
    Comms69
    I wonder how often this happens. I rented my house out when overseas and my issue was keeping the tenants not losing them. I know a lot of ex pats and none have ever had sn issue evicting a tennant. Issues with damage to carpet and stuff but never evictions. I always specified young professionals and they had a high turnover.
    Originally posted by Scotbot


    42,000 households are removed by bailiffs on average per year.


    It may not have happened to you, but it's happened to approximately that many landlords (around 90% of landlords rent just one property)
    • Scotbot
    • By Scotbot 30th Nov 17, 1:07 PM
    • 139 Posts
    • 97 Thanks
    Scotbot
    that is not the point. Hayley's post suggests she believes that all it takes is to serve notice and then it will "magically" be OK.

    as i said, there are posts on here from LL who have not had tenants move out after notice was served.

    just because your circle of experience does not include such issues does not mean it cannot happen, nor that the law will not let it happen, neither is true
    Originally posted by 00ec25
    Renting a house out involves an element of risk, and if a tenant refuses to move out that is major headache. The question is how likely is that to happen? I read posts where that has happened and my experience is the opposite . Both points of view are valid. Not being able to find a suitable tenant is equally a problem especially if you are only considering renting for a short period
    Last edited by Scotbot; 30-11-2017 at 1:19 PM.
    • 00ec25
    • By 00ec25 30th Nov 17, 1:16 PM
    • 5,587 Posts
    • 4,991 Thanks
    00ec25
    Renting a house out involves an element of risk, and if a tennant refuses to move out that is major headache. The question is how likely is that to happen? I read posts where that has happened and my experience is the opposite . Both points of view are valid. Not being able to find a suitable tennant is equally a problem especially if you are only considering renting for a short period
    Originally posted by Scotbot
    LOL, no idea why you want to argue? Hayley made a post which was one sided and did not allow for any of the risks you acknowledge exist. That is all we are saying

    PS there are 2 n in tenant, not 3
    • Quizzical Squirrel
    • By Quizzical Squirrel 30th Nov 17, 1:21 PM
    • 171 Posts
    • 4,192 Thanks
    Quizzical Squirrel
    I wonder how often this happens. I rented my house out when overseas and my issue was keeping the tenants not losing them. I know a lot of ex pats and none have ever had sn issue evicting a tennant. Issues with damage to carpet and stuff but never evictions. I always specified young professionals and they had a high turnover.
    Originally posted by Scotbot
    Why did you specify only young professionals?
    • Linton
    • By Linton 30th Nov 17, 1:24 PM
    • 8,637 Posts
    • 8,612 Thanks
    Linton
    Insurance is invalid if building unoccupied for more than 30 days
    Originally posted by Browntoa
    Or 60 depending on the insurer. Long term unoccupied insurance at a fairly high charge is available but it may not cover contents.
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