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Renting/remortgaging whilst abroad
chappers
Posts: 2,988 Forumite
My Brother-in-law has been in Bermuda with his girlfriend for over a year now and has just got himself a job there he intends to stay there for probably another two years until his girlfriend finishes the third degree she is doing and then they may move back here or not depending on what happens in between.
My questions are this he has been renting his flat out for a year and stupidly hasn't informed Nationwide, the freeholder or his insurers, does anyone have any idea as to Nationwides general position towards letting, particularly as his mortgage deal has just come to an end. Would he be able to re-mortgage with any lender bearing in mind he is working in Bermuda, all be it for a British company, or would he be stuck with Nationwide, (not a problem as he is quite happy with what they have on offer, just the renting issue).
And secondly last year he filled in his tax return stating his income from his property but didn't claim any expenses such as his mortgage interest, agency fees etc. can he claim last years expenses back on this Aprils tax return.
Thirdly a question regarding CGT he bought this property two years ago and lived in it for a year whilst in this country, he has been renting it out for a year now and may do for a further two years would he have any CGT issues if say he sold it after owning it for 2,3,4,5 years having only lived in it for the first year and also what would be the implication if he came back and lived in it in year 5 for another year and then sold in year 6.
Many thanks will post this on the tax board too
Cheers
Gareth
My questions are this he has been renting his flat out for a year and stupidly hasn't informed Nationwide, the freeholder or his insurers, does anyone have any idea as to Nationwides general position towards letting, particularly as his mortgage deal has just come to an end. Would he be able to re-mortgage with any lender bearing in mind he is working in Bermuda, all be it for a British company, or would he be stuck with Nationwide, (not a problem as he is quite happy with what they have on offer, just the renting issue).
And secondly last year he filled in his tax return stating his income from his property but didn't claim any expenses such as his mortgage interest, agency fees etc. can he claim last years expenses back on this Aprils tax return.
Thirdly a question regarding CGT he bought this property two years ago and lived in it for a year whilst in this country, he has been renting it out for a year now and may do for a further two years would he have any CGT issues if say he sold it after owning it for 2,3,4,5 years having only lived in it for the first year and also what would be the implication if he came back and lived in it in year 5 for another year and then sold in year 6.
Many thanks will post this on the tax board too
Cheers
Gareth
0
Comments
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he needs to tell his lender that he lives abroad, and that he now wants a BTL mortgage - otherwise he is committing mortgage fraud. his residential insurance will not cover issues with tenants - and if a tenant damages the property he will not have cover. yes he can claim expenses from last year.
he needs proper accountancy advice on CGT - the fact that he lives abroad may well muddy the waters0 -
Cheers clutton I was well aware of his mortgage and insurance position and have advised him to do that immediately.0
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