Can I let my house if I emmigrate?
01 March 2002, 03:46 PM
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If I was to emmigrate can I keep my house here and let it?
What happens with my remaining mortgage; do I keep it as it is or do I have to find an alternative?
Are letting agents up to the job if your miles away?
Thanks for any help or advice.
What happens with my remaining mortgage; do I keep it as it is or do I have to find an alternative?
Are letting agents up to the job if your miles away?
Thanks for any help or advice.
01 March 2002, 04:07 PM
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sure - the house we're in at the moment is owned by a couple in Hong Kong. The agents take care of everything (just make sure you check carefully what costs they can incur on your behalf without your permission).
the mortgage bit is trickier - not sure what stance lenders take about you moving abroad permanently - just tell them it's a secondment with work or something. as long as they keep getting paid they won't bother chasing you in 12 months time or whatever.
Gordo
the mortgage bit is trickier - not sure what stance lenders take about you moving abroad permanently - just tell them it's a secondment with work or something. as long as they keep getting paid they won't bother chasing you in 12 months time or whatever.
Gordo
01 March 2002, 04:14 PM
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True, the mortgage lenders situation is a bit trickier. It's probably better to say you are just renting it out and let them send any correspondence to a relative's address. Then just get you relative to keep an eye on things. You'll also need to notify your insurance company etc.
Do check the letting agency charges. Some of them can really rip you off. Also they can get a bit lax about making payments to your account. So I'd make sure that you've got online banking to keep an eye on things.
It's definitely worth the bit of extra hassle, especially with house prices back on the up.
Do check the letting agency charges. Some of them can really rip you off. Also they can get a bit lax about making payments to your account. So I'd make sure that you've got online banking to keep an eye on things.
It's definitely worth the bit of extra hassle, especially with house prices back on the up.
01 March 2002, 07:41 PM
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The mortgage company will probably be happiest if they reckon you are letting only for a short term basis, ie no > 6 months or no > 12 months. Although there maybe problems on 'extras' you have on your mortgage, ie insurance, repayments insurance, endowment policy (if it is one).
If you are with a large bank, dont worry about making a general enquiry about what may happen if you do let out the property. They are unlikely to start being mega-suspicious and making loads of investigating cause they'll have loads of other things to be busy with.
Dont just do nothing and them send them a letter just asking them to send correspondence to a different address. They'll be worried then because it'll be obvious you are living somewhere else and they'll wonder about your commitment to your repayments which will always be their primary concern. Best to be honest with the information you give them (even if slightly reserved in the amount of info you give them - ie I wouldnt say you are going abroad permanently!!!!).
You could always seek some impartial advice beforehand. The CAB may have a low reputation among 'professionals' but I'd still ask them for advice first as its free and if they dont know the answers you want, they should be able to tell you who can.
PS, if you are going to Australia you can help us with accommodation when I can afford to go over to watch the Ashes!!!!
If you are with a large bank, dont worry about making a general enquiry about what may happen if you do let out the property. They are unlikely to start being mega-suspicious and making loads of investigating cause they'll have loads of other things to be busy with.
Dont just do nothing and them send them a letter just asking them to send correspondence to a different address. They'll be worried then because it'll be obvious you are living somewhere else and they'll wonder about your commitment to your repayments which will always be their primary concern. Best to be honest with the information you give them (even if slightly reserved in the amount of info you give them - ie I wouldnt say you are going abroad permanently!!!!).
You could always seek some impartial advice beforehand. The CAB may have a low reputation among 'professionals' but I'd still ask them for advice first as its free and if they dont know the answers you want, they should be able to tell you who can.
PS, if you are going to Australia you can help us with accommodation when I can afford to go over to watch the Ashes!!!!
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