new to buying from overseas

SuzieSue

Why do you want to buy in the UK rather than Australia? Australia's economy is in a much better state than ours at the moment.

kmmr

SuzieSue wrote: »

Why do you want to buy in the UK rather than Australia? Australia's economy is in a much better state than ours at the moment.

Because houses in Australia are beyond expensive. I think even at the very height of the UK property bubble in 2007 prices were nowhere near the income multiples they are in Australia.

Plus the exchange rate is excellent for Aussies.

Despite that, £50k is lunacy!

I am from Australia, but live in London. To the OP I would say you need to learn about the concept of long-leases. You don't buy the title of a flat, you buy a long lease - say 100 years, and there is normally a freeholder. You can possibly buy into the freehold, but you need to ask what the setup is when you buy.

Management fees do exist, as well as 'ground rent' which is a pretty small amount normally you pay the freeholder each year. If a lease is below about 70 years then you should budget for having to extend it.

cashbackproblems

This wouldnt work especially as you would be hardly visiting, how will you negotiate the sale, keep in touch with the letting agents when looking for tenants, dealing with problems etc...not possible! You CAN get nice 1 bed flats in ok parts of the UK for 50k BUT they would not be in the city centre and difficult to rent. In London a agents have waiting lists for people looking to rent nice flats but elsewhere this isnt the case

http://www.rightmove.co.uk/property-for-sale/property-20907210.html

COLOURBOUNCE

G_M wrote: »

Either you are bonkers, or this is a spam post.

On the generous assumption it is the former:

* the kind of property you'll get for that money will not be rentable
* the purchase costs plus 'do-up' costs plus initial agency costs will reduce your capital fast
* running costs at long distance, plus tax, make the idea, as I said, bonkers.

Must admit, spam came to mind at first, hence the Mickey comment. But really looking at UK with such a low amount or any amount right now, is probably not a great investment.