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    • Jay15
    • By Jay15 11th Jul 18, 11:31 AM
    • 15Posts
    • 0Thanks
    Jay15
    Own a flat whilst living abroad
    • #1
    • 11th Jul 18, 11:31 AM
    Own a flat whilst living abroad 11th Jul 18 at 11:31 AM
    Hi all,

    I need people to share with me their experiences and recommendations. I currently own a flat in London and just accepted a good paid job in switzerland. I would like to keep the flat and use it as an investment. What do you recommend me to do? Isnt it too difficult to manage a property while living abroad?

    Thanks in advance for your response.
    Jay
Page 1
    • lisyloo
    • By lisyloo 11th Jul 18, 11:39 AM
    • 22,733 Posts
    • 11,308 Thanks
    lisyloo
    • #2
    • 11th Jul 18, 11:39 AM
    • #2
    • 11th Jul 18, 11:39 AM
    Rent it out?
    It should be fine if you have a good agent.
    I can send you my agents details if you like as I would highly recommend him (I am a tenant not a landlord).
    My landlord is mostly absent and the agent looks after the viewings, contract, arranging gas safety checks, repairs etc.


    Obviously this is going to be more expensive than DIY but if you are absent then you need someone else to do these tasks.
    • zagubov
    • By zagubov 11th Jul 18, 11:57 AM
    • 15,612 Posts
    • 132,119 Thanks
    zagubov
    • #3
    • 11th Jul 18, 11:57 AM
    • #3
    • 11th Jul 18, 11:57 AM
    You might need a fair bit of advice, e.g. the tenant may have to deal with the taxman on your behalf.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • lisyloo
    • By lisyloo 11th Jul 18, 12:26 PM
    • 22,733 Posts
    • 11,308 Thanks
    lisyloo
    • #4
    • 11th Jul 18, 12:26 PM
    • #4
    • 11th Jul 18, 12:26 PM
    You might need a fair bit of advice, e.g. the tenant may have to deal with the taxman on your behalf.
    Originally posted by zagubov

    What do the landlords finances have to the tenant??


    The taxman is one thing you can deal with from abroad.
    • Pixie5740
    • By Pixie5740 11th Jul 18, 12:31 PM
    • 13,280 Posts
    • 19,114 Thanks
    Pixie5740
    • #5
    • 11th Jul 18, 12:31 PM
    • #5
    • 11th Jul 18, 12:31 PM
    What do the landlords finances have to the tenant??


    The taxman is one thing you can deal with from abroad.
    Originally posted by lisyloo
    https://www.gov.uk/guidance/paying-tax-on-rent-to-landlords-abroad
    • Pixie5740
    • By Pixie5740 11th Jul 18, 12:34 PM
    • 13,280 Posts
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    Pixie5740
    • #6
    • 11th Jul 18, 12:34 PM
    • #6
    • 11th Jul 18, 12:34 PM
    If you intend to the let the property you will need to provide the tenant with an address for the serving of notices in England & Wales. This usually means you will need to employ a letting agent unless you have friends or family who could manage the property for you but that is a big ask.

    Read G_M's Guide to Tenancies in England & Wales. It includes advice for new landlords and how to select a letting agent.

    You may need consent to let from the freeholder and the mortgage lender. Depending on the London borough you may also have to register with the council as a landlord.

    See post above for information about non-resident landlord taxation.
    • westernpromise
    • By westernpromise 11th Jul 18, 12:42 PM
    • 4,263 Posts
    • 5,548 Thanks
    westernpromise
    • #7
    • 11th Jul 18, 12:42 PM
    • #7
    • 11th Jul 18, 12:42 PM
    I wouldn't treat it as an investment, more as a hedge. I have met people who sold up to take overseas postings and then when they came home they couldn't afford to buy back what they had sold. Letting it out spares you that.

    The main thing as lisyloo says is get a good managing agent. If you're in west or north London, there is one I can recommend unreservedly that I have used for 14 years and two properties. If you're in Docklands, there is another I'd recommend (the previous one doesn't operate in Docklands).

    It is a myth IME that a letting agent reduces your income. I think it's at worst neutral or perhaps even beneficial. When I have been a tenant of landlord-managed properties, this has actually meant I have managed them, including finding and waiting in for tradesmen. With the place I let right now, the managing agent has all these people at their fingertips, they go round and let them in without the tenant needing to be there and they are such a large local buyer of trades that any tradesman who tries it on with poor work or overpricing doesn't get away with it.

    In my experience the resulting service is so good from the tenants' perspective that they stay until it's simply impossible to do so (eg they accumulate too many children). This translates into basically no voids in 14 years and they stay put even when rents soften because who's to know what the landlord's like?
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • Jay15
    • By Jay15 12th Jul 18, 7:11 AM
    • 15 Posts
    • 0 Thanks
    Jay15
    • #8
    • 12th Jul 18, 7:11 AM
    • #8
    • 12th Jul 18, 7:11 AM
    Thanks, yep please send me your agent. Also how much do they charge and what do they look after?
    • Jay15
    • By Jay15 12th Jul 18, 7:14 AM
    • 15 Posts
    • 0 Thanks
    Jay15
    • #9
    • 12th Jul 18, 7:14 AM
    • #9
    • 12th Jul 18, 7:14 AM
    Thanks, some tenants can damage your property so this is a risk you have to consider whilst renting out.
    • 00ec25
    • By 00ec25 12th Jul 18, 7:22 AM
    • 7,223 Posts
    • 6,921 Thanks
    00ec25
    What do the landlords finances have to the tenant??

    The taxman is one thing you can deal with from abroad.
    Originally posted by lisyloo
    you are wrong, read up on the non resident landlord scheme

    as a tenant it would be your responsibility to deduct "expenses" from the rent you are due to pay, then deduct 20% tax from that sum and then pay that money directly to HMRC. If you don't HMRC can claim the tax from you.

    Alternatively you make sure your LL is operating the NRL and has an agent to do that for you, or can produce an HMRC certificate saying he is responsible himself and should be paid gross without deduction.

    And finally, it is a legal requirement that the LL provides the tenant with a UK contact address (but not a PO Box number)
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