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BANGKOK 20 May 2019 04:21
SteveK

Selling UK Property

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Hi guys,

 

I would like some advice. I have been overseeing the sale of a property in the UK, but am now back to square one, waiting for another offer. I don't want to hang around in the UK for months on end in an empty house waiting for the sale to complete. Because of Brexit, things are painfully slow and I don't have a great deal to do here.

 

My question is: can you forsee any pitfalls with me coming back to Thailand now and dealing with the sale remotely?

 

Is that possible? I looked at giving power of attorney to a friend, but it's not cheap and I'm not sure I trust anyone enough to do it.

 

Has anyone done this kind of thing? It's so miserable and expensive in the UK, I can feel my mood sinking as the days go by.

 

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'It's so miserable and expensive'

Where is this place in the UK?

Please dont say everywhere.

Hi guys,

 

I would like some advice. I have been overseeing the sale of a property in the UK, but am now back to square one, waiting for another offer. I don't want to hang around in the UK for months on end in an empty house waiting for the sale to complete. Because of Brexit, things are painfully slow and I don't have a great deal to do here.

 

My question is: can you forsee any pitfalls with me coming back to Thailand now and dealing with the sale remotely?

 

Is that possible? I looked at giving power of attorney to a friend, but it's not cheap and I'm not sure I trust anyone enough to do it.

 

Has anyone done this kind of thing? It's so miserable and expensive in the UK, I can feel my mood sinking as the days go by.

 

 

Sent from my SM-G920F using Thailand Forum - Thaivisa mobile app

 

 

 

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I just sold this year through the estate agent (full package) and solicitor, had to visit to sort out final clearance, but all now OK.

I put the funds in an investment account to give me income and if I need to return I can buy again, I did not want to buy to let as the worry and potential problems are not worth it!

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When the agent knows where you are you will be offered more. Please be here 2 or 3 years first. 

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19 hours ago, Saltire said:

I rent my UK property through a rental agency, have done for the last 8 years. They have been marvellous, never had a bad tenant, pay me (less their fee) on the dot every month, and when needed, find me a new tenant within week.

 

They also have a sales division and when and if I sell, it will be a quick phone call to leave viewings and sale to them. Their fee for this is not extortionate.

 

 

Be aware that as it’s not been your main residence for over 18 months ( shortly to be reduced to 9) you will be liable for CGT on disposal (Capital gains tax) for any profit on a proportional basis related to time you didn’t live there. The 40k lettings allowance is also being scrapped.Obviously this is greater on a higher Value house and you do have about 12k CGT allowance. Look into it. I’ve only been here 4.5 years but because of the gain on my house i would lose tens of thousands in tax if I sold. You are still liable for that proportion even if you move back in and subsequently sell. 

Yoir only escape  is when you die (that tax liability dies with you) !

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Let the property first... Power of eterny was done for free my my solicitor. It has to be specific for that property and property named in it.

 

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20 hours ago, roo860 said:

'It's so miserable and expensive'

Where is this place in the UK?

Please dont say everywhere.

 

 

Sent from my SM-G920F using Thailand Forum - Thaivisa mobile app

 

 

 

Everywhere 

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Posted (edited)
20 hours ago, RichardColeman said:

Very strongly recommend not selling it IF it is your property and IF it is your only property. 

 

There are so many stories of people going to Thailand, ending up with no money - mostly bad planning and even badder women - and now near potless with nowhere to return to. 

 

I had been living in Thailand previously on a retirement visa by only renting out my house - working fine until I ended up with a bad tenant - who luckily for me (not him) actually died thereby saving me the issues of evicting him. Just taken me away from Thailand and my family for 6 month to repair and repaint it !

 

Sure I could sell it and never worry about money in Thailand again - probably. If I sold it it would be about 310k £ - about 30 years worth at a grand a month spending. BUT, why bother - the rent on the house would be 1000 a month minimum anyhow ! (I now get a small pension on top for anyone worrying that is not enough)

 

But Thailand is NOT the UK, we are only guests - unless they change the law. We are at their biding and at the mercy of there immigration laws.

 

No do not risk it if its your only home.

 

 

 

Not good advice unless you love paying tax

 

Your rent is going to be wiped out with interest by the CGT bill coming your way when/if you eventually sell it if you continue the way you’re going.

 

The many stories you have heard about are just that - stories. I don’t know of anyone, so as long as the OP has something between his ears that’s nothing to worry about. 

 

I have property in the U.K. and can‘t wait to get rid it’s a ball ache  managing it from the other side of the world (fortunately I have a mate in there, no way would I rent it through agents or to strangers) plus with the freed up cash you’re switching from a tax magnet (now you’re a UK home owning expat) to investment returns potentially free of tax without the headaches which you’ve already experienced 

Edited by Benroon

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1 hour ago, nchuckle said:

Be aware that as it’s not been your main residence for over 18 months ( shortly to be reduced to 9) you will be liable for CGT on disposal (Capital gains tax) for any profit on a proportional basis related to time you didn’t live there. The 40k lettings allowance is also being scrapped.Obviously this is greater on a higher Value house and you do have about 12k CGT allowance. Look into it. I’ve only been here 4.5 years but because of the gain on my house i would lose tens of thousands in tax if I sold. You are still liable for that proportion even if you move back in and subsequently sell. 

Yoir only escape  is when you die (that tax liability dies with you) !

Hi I am pretty sure CGT won't apply to me, and if it does it will be a small amount. Even after buying it 8 years ago it is unlikely to make a profit, so no 'gain'. It is also my only property, but I have never actually lived in it. You are correct but I think more relevant to expensive properties in expensive areas of the UK, not for a 1 bedroom flat in Scotland. 

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Posted (edited)
1 hour ago, nchuckle said:

Be aware that as it’s not been your main residence for over 18 months ( shortly to be reduced to 9) you will be liable for CGT on disposal (Capital gains tax) for any profit on a proportional basis related to time you didn’t live there. The 40k lettings allowance is also being scrapped.Obviously this is greater on a higher Value house and you do have about 12k CGT allowance. Look into it. I’ve only been here 4.5 years but because of the gain on my house i would lose tens of thousands in tax if I sold. You are still liable for that proportion even if you move back in and subsequently sell. 

Yoir only escape  is when you die (that tax liability dies with you) !

Good advice which will catch many out as the rules only changed in 2015 Just about every budget the CGT allowance for expats comes onto the radar - it’s low hanging fruit so I am sure will go one day soon!

Edited by Benroon

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5 minutes ago, Saltire said:

Hi I am pretty sure CGT won't apply to me, and if it does it will be a small amount. Even after buying it 8 years ago it is unlikely to make a profit, so no 'gain'. It is also my only property, but I have never actually lived in it. You are correct but I think more relevant to expensive properties in expensive areas of the UK, not for a 1 bedroom flat in Scotland. 

It is only gains since 2015 

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