Sold the house in the uk

[salavan]

Just wondering if all  British expats sold their houses /properties in the UK seems like it. 

[Mac Mickmanus]

No, not all British ex-pats sold their house in the UK

[Maha Sarakham]

Nope, also many regret selling it later and wished they would have held onto it as an option to return home if needed.

[KhunLA]

Probably should sell, until living here for couple years, as Thailand isn't for everyone.  Only sell if you know you won't be returning, even if you don't stay in Thailand.

 

I was done with the USA, sold I got rid of everything, and didn't need the income that renting would provide.  Something people should seriously consider, renting out instead of selling.

[JeffersLos]

3 hours ago, salavan said:

Just wondering if all  British expats sold their houses /properties in the UK seems like it. 

No.

 

Many didn't have houses/property to sell in the first place. 

[Kinnock]

Nope.  Kept house in the UK and built one here.

 

As I can't legally own land here, I wanted to keep some land and property in the UK.

 

A change of policy could see all of us out of Thailand, so don't want all eggs in one nationalistic basket.

[freedomnow]

Equity release.

 

Keep a toe in the pond.

 

[bojo]

Never burn your bridges.....................if you can afford to keep a property and have some income, far better IMO.............even if you 'know' you're not coming back, coz you never know.......................

[mlkik]

Good advice from all of the above.

[CharlieH]

Many good points raised above but ultimately your personal circumstances are what matters, what others did may not be appropriate for you.

There are good and valid arguments on both sides of the fence.

 

I liquidated the lot after 10 years here, for many if the income isnt needed from renting then severing ties enables one to feel more commited and settled here not having a foot in both camps.

 

Comes down to personal choice.

[4MyEgo]

6 hours ago, KhunLA said:

Something people should seriously consider, renting out instead of selling.

That would depend on your country of birth's tax rules, e.g. if you leave Australia and are deemed a non-resident for tax purposes, your Capital Gains Tax bill when you sell your property can be as high as 42%, not from the time you exited the country, but from when you purchased the country.

 

The CGT is on top of the 32% tax you pay on every dollar collected from rent, and you cannot negatively claim any losses, e.g. council/water rates, agent's commissions, vacancy, interest from mortgage, if any, however when you do sell those losses can be added up and taken off the CGT amount.

 

In other words, you do not want to own property back in Oz, unless you intend on returning someday, either way, you will be up for CGT when you sell for the years you were a non-resident.

 

I do hear they are changing the way they consider you being a non-resident, and to be honest, from what little I read, didn't look any better for ex-pats, suffice to say they still can't vote or use Medicare until they have re-established residency for at least 6 months, all this for those who have worked their rear ends off and paid taxes for year, but if you haven't and didn't leave the country and are unemployed and want to sit on your rear, they will look after you, go figure, ah, I recall the days when my old man used to say, Australia the lucky country ????

 

[bojo]

17 minutes ago, 4MyEgo said:

That would depend on your country of birth's tax rules, e.g. if you leave Australia and are deemed a non-resident for tax purposes, your Capital Gains Tax bill when you sell your property can be as high as 42%, not from the time you exited the country, but from when you purchased the country.

 

The CGT is on top of the 32% tax you pay on every dollar collected from rent, and you cannot negatively claim any losses, e.g. council/water rates, agent's commissions, vacancy, interest from mortgage, if any, however when you do sell those losses can be added up and taken off the CGT amount.

 

In other words, you do not want to own property back in Oz, unless you intend on returning someday, either way, you will be up for CGT when you sell for the years you were a non-resident.

 

I do hear they are changing the way they consider you being a non-resident, and to be honest, from what little I read, didn't look any better for ex-pats, suffice to say they still can't vote or use Medicare until they have re-established residency for at least 6 months, all this for those who have worked their rear ends off and paid taxes for year, but if you haven't and didn't leave the country and are unemployed and want to sit on your rear, they will look after you, go figure, ah, I recall the days when my old man used to say, Australia the lucky country ????

 

Long gone are the heady days of being a landlord, pretty much anywhere in the Western world I believe..........................CGT; I hadn't considered in my post above, nor had I, whether one is non domicile, as personally, I wouldn't be.................................................cheers for highlighting the potential pitfalls worldwide............................

[bert bloggs]

Yes sold our house,renting is a pain especially if you get <deleted> tennants,but if we ever did come back we have a place to live as my familly all have very large homes luckily,also holiday lets.

Still the chances of returning now as we own a home here in Thailand are close to zero.

[brewsterbudgen]

Rented out my London flat for 3 years after moving to Thailand, but issues with crazy tenants and unhelpful Managing Agents prompted me to sell.  Felt good at the time (I bought it for £65,000 in 1988 and sold it for £250,000 in 2006) but wish I still had it now as it would be worth a lot more.  Bought a condo in Bangkok, but have now sold that too, and back to renting.

[brianthainess]

Was renting out my house in Oz before i got a state pension,  the ' Maintenance' costs were draining my income considerably, when you have to use licenced tradesmen via the agent, (it depends on the tenant) changing a tap washer $ 200, they tried replacing a bulb and managed to rip the fitting out of the ceiling, blocked the toilet, blocked gutters, apparently all my fault the list goes on. Warning when making a tenancy agreement specify what you will pay for. Edit; when i sold it a huge weight was lifted off my shoulders.

Edited April 7, 2022 by brianthainess

[topt]

13 hours ago, salavan said:

Just wondering if all  British expats sold their houses /properties in the UK seems like it. 

Why were you wondering?

From most replies above seems like you were wrong.......

[salavan]

1 hour ago, topt said:

Why were you wondering?

From most replies above seems like you were wrong.......

I was wondering how they will deal with the TMD (tax made digital ) that will become mandatory starting April 2024

[salavan]

11 hours ago, Kinnock said:

Nope.  Kept house in the UK and built one here.

 

As I can't legally own land here, I wanted to keep some land and property in the UK.

 

A change of policy could see all of us out of Thailand, so don't want all eggs in one nationalistic basket.

If you rent out the property starting April 2024 government is introducing mandatory TMD (tax made digital) starting April 2024

[chilly07]

I would have continued to rent out my house if the interest only mortgage hadn't finished. With low interest rates and a high rent coming in I was quids in but when I asked for the mortgage to continue the BS refused wanting their capital back. Realised a significant capital appreciation and invested that here but no capital appreciation in Thailand as they mistakenly restrict foreign investment in property

[Old Croc]

I sold up when I left Australia.

Several reasons:

- My place was aging - over 30 years old, Future R & M would be expensive.

- property prices in Perth were on a high at the time (after 8 years in the residence I sold it for 2 1/4 times what I paid),

-I'd had bad experiences with rentals in the past (<deleted> tenant's and agents),

-my plan was to move permanently, I wanted a clean break without a crutch to fall back on.

-I considered the house money would earn a better investment rate than renting, without the hassle. (Been a mixed bag)

 

Admittingly I didn't think about capital gains tax at the time, but it would be another very good reason to sell up. 

[topt]

1 hour ago, salavan said:

I was wondering how they will deal with the TMD (tax made digital ) that will become mandatory starting April 2024

Thanks for that reminder. Interesting it was delayed for 4 years and potentially the final requirements could potentially change by then although I wouldn't bank on it.

 

Simplistically however, if you meet the income levels, it looks like we will either have to pay for some software or get so called "bridging" software to continue using whatever spreadsheets etc you may be using now and report details 4/5/6 times throughout the year instead of one annual tax return.....

[Denim]

Sold up everything ....lock stock and barrel.

 

I would never choose to live in the UK again if I had a choice. Content to live out my days here. Been here too long and am too content.

 

Every time I go to visit my mother I get restless after a fortnight and can't wait to get back to my home here.

 

Unfortunately  my mother is now 87 and the time is approaching when I will have to return and care for her since I would rather die than put her into an old peoples home.  My mother can't come here and my wife can't go with me since she has to care for her own invalid mother next door.

So ......just taking each day as it comes and enjoying the time I have left here.

[London Boy]

No way. It’s easier being a landlord then an English teacher. Also, given how hard it’ll be for the next generation to buy a property, I want to pass it onto my daughter when she’s older 

[NoshowJones]

5 hours ago, Old Croc said:

I sold up when I left Australia.

Several reasons:

- My place was aging - over 30 years old, Future R & M would be expensive.

- property prices in Perth were on a high at the time (after 8 years in the residence I sold it for 2 1/4 times what I paid),

-I'd had bad experiences with rentals in the past (<deleted> tenant's and agents),

-my plan was to move permanently, I wanted a clean break without a crutch to fall back on.

-I considered the house money would earn a better investment rate than renting, without the hassle. (Been a mixed bag)

 

Admittingly I didn't think about capital gains tax at the time, but it would be another very good reason to sell up. 

I thought this topic was about UK expats selling their house, not Australians.

There seems a big difference between Australia and the UK how expats sell their house to move abroad.

 

[Old Croc]

6 hours ago, possum1931 said:

I thought this topic was about UK expats selling their house, not Australians.

There seems a big difference between Australia and the UK how expats sell their house to move abroad.

 

Do you plan to call out the other posters who strayed from the strict parameters of the OP before I did, or are your petty inanities only for me?

 

Perhaps I should peruse your ramblings on the forum and point out all the times you made a comment not in line with the original question.

At least my comment was designed to indicate some of the reasons ANYONE may want to sell ANYWHERE in these circumstances.

Edited April 7, 2022 by Old Croc

[nglodnig]

Reneted our house out in the UK (West London) and the rent just covered the mortgage and agency fees. A couple of problem tenants but otherwise painless. Sold up when we wanted to buy a house here in mainland Europe where we living so needed the equity for the (stringent) deposit requirements. Luckily we did before the pound crashed (now half its value from when we sold). Friends back in the UK say "Oh you should have held on to it, look at how much houses are worth now!" - yeah, now divide by two to get the REAL value. Best decision I (we) ever made. 

[Mac Mickmanus]

6 minutes ago, nglodnig said:

Reneted our house out in the UK (West London) and the rent just covered the mortgage and agency fees. A couple of problem tenants but otherwise painless. Sold up when we wanted to buy a house here in mainland Europe where we living so needed the equity for the (stringent) deposit requirements. Luckily we did before the pound crashed (now half its value from when we sold). Friends back in the UK say "Oh you should have held on to it, look at how much houses are worth now!" - yeah, now divide by two to get the REAL value. Best decision I (we) ever made. 

The Pound is now 1.20 to the Euro .

When was it that the Pound was 2.40 to the euro ?

[nglodnig]

The Pound is now 1.20 to the Euro .

When was it that the Pound was 2.40 to the euro ?

About twenty or so years ago when we sold up - just before the Great Crash I think it was 2004? 

 

[nglodnig]

3 hours ago, Mac Mickmanus said:

The Pound is now 1.20 to the Euro .

When was it that the Pound was 2.40 to the euro ?

About twenty or so years ago when we sold up - just before the Great Crash I think it was 2004? The house we bought was valued at approx 400k pounds - now more than 800k. No brainer. If we had held on to the house in the UK it would be worth half what it is now. In real (i.e. not sterling) money.

[Mac Mickmanus]

25 minutes ago, nglodnig said:

About twenty or so years ago when we sold up - just before the Great Crash I think it was 2004? The house we bought was valued at approx 400k pounds - now more than 800k. No brainer. If we had held on to the house in the UK it would be worth half what it is now. In real (i.e. not sterling) money.

The exchange rate in 2004 was about 1.40 , which is about 15 % difference, rather than being 100 % different .

   So if you had sold that house now , you would have got 15 % less Euros in return due to exchange rate fluctuations .

  Also , hasd you rented the house out in 2004 , you would have received about 600 000 GBP in rent money added to the 400 000 property value increase .

   You would have been about 1 Million Pounds better off , or 900 000 Pounds when exchanging to Euros