Speedhump
I kept my house, the rental just covers the mortgage luckily. However the main point is that all income from the rental can be treated as UK tax-free as it is paying a mortgage on the only property I keep there so as a UK domiciled (but not resident) person it's considered my primary residence (as I did live there for a while, but you need to check into this for yourself, I'm not a tax expert).
If you decide to rent, yes I agree use a letting agent, and their cost is not actually huge.
campionidelmondo2006
Hi all,
I am considering a move to Dubai.
I am in a lucky position to own a house in the UK and I was wondering what do english expats in a similar position do.
I do not wish to sell the house also for the negative equity situation.
I was thinkinf of renting it out whilst abroad via a local residential management company.
Did you guys sell your house when you came here?
Regards,
fafit
How can owning a house in the UK in this economic climate with negative equity be "lucky"??
Anyway I think you've answered your own question, as your choices are either renting it out or leaving it unoccupied.
Some British expats here have sold their properties in the UK to come to Dubai when the UK property market was strong and GBP was at 1.90+ to the Dollar... nowadays is a very different story.
K-Dog
I'm in negative equity, own a house in Vegas. I'm renting it out which barely covers my mortgage payment. Would love to sell it but.....
Supremea
renting is your best option
Apr
We are from Uk and own a house. Will be relocating to Dubai soon. Decided to rent the property out .Simply for the fact that in case something goes wrong we always have a place to come back to. We have a young child so I guess we need some back up plan in case it doesn't work out for any reason.
Good luck
jayzed
We let our flat in London out when we moved to Dubai. The rent barely covered the mortgage, and with other costs (e.g. fixing problems) it ended up costing us money. But we were glad we'd kept it when things didn't work out in Dubai and we returned to the UK a year later (we're still living int he flat now).
I would recommend that you use a letting agent to manage the property, though. Even though it costs you quite a bit of money, it saves you an awful lot of hassle - trying to manage a property yourself from overseas is very difficult.
Kiwiana
- campionidelmondo2006 wrote:
Hi all,
I am considering a move to Dubai.
I am in a lucky position to own a house in the UK and I was wondering what do english expats in a similar position do.
I do not wish to sell the house also for the negative equity situation.
I was thinkinf of renting it out whilst abroad via a local residential management company.
Did you guys sell your house when you came here?
Regards,
Hello there,
We moved here a year ago and rented our house out under the care of a property management group, We feel we have made the right move and would not consider selling ,Its a investment for us and we would like to add a couple more houses to our portfolio.
Good luck with your move