What Are The Key Points Everyone Who Wants To Become An Overseas Landlord Should Know?
You may find it unbelievable, but as many as 5,5 million Brits have fled the United Kingdom and moved overseas.
In 2014 alone, the diaspora saw 320,000 left in that one year alone.
However, what about the homes they left behind? Moreover, what are these Britons doing with their new overseas properties once they get there?
What many Britons have decided to do is to keep the properties they own in the UK.
This way they can make money on them by renting them out or purchasing “buy to let” mortgages in the UK while living overseas.
There will be several reasons why a Briton and the family will decide to leave the UK behind: it could be to enjoy life in the sun, to escape the rising crime in the cities or to work on that new job you started overseas.
However, there will always be that one day in the future where the dream of living overseas does not work out.
Rent Your Property Out
It is important to keep any property you own in the UK and use it to rent out.
Upon your return, you can then move back into the property and have a place to live in the UK that is still your very own.
If you go down this path, and you want to keep your UK property, you should know there are some different rules for landlords based in the UK and landlords renting out property in the UK while living overseas.
Make Sure You Find a Letting and Management Agency
It can be challenging to deal with tenants when you are based in another country (even more cumbersome when you think the time zone is different too).
The fact is, you need someone in the UK to look after your affairs while you enjoy your life overseas.
It simply is not feasible to have to keep coming back and forward to the UK to sort out problems and issues surrounding your tenants who live in the UK, while you dwell overseas.
A letting agency will make regular checks on the property and find new tenants to replace any that decide to move out, so that will help for the overseas landlord.
You should also find out if you need to pay UK tax.
All expats who live overseas for six months a year or more, are classed as “non-resident landlords”, which means your UK property needs to pay tax on any income you make.