moving to singapore from the UK

[barney27]

hi
my husband n I would like some advice on how to rent out our property in the UK while we move to singapore for 2 years. we have seeked advice on tenancy via estate agents but we r a bit lost with other legal issues like do we need to change our mortgage to a buy to let, declaring to the tax man etc. any advice would be helpful thank you
sj

[keepitreal]

i'm going through exactly the same thing at the moment. here are your answers:

Tax
You can complete a form for the inland rev so you rent is paid by your agent gross of tax, you then complete a self-assessment in April declaring your income or rent. You can offset the tax liability by allowing for mortgage interest, repairs and many other things - your agent should give you a special booklet from the IR for guidance but you needt to complete form see form NRL1.

Mortgage
Officially you need to let your mortgage company know, but many people I have spoken to in a similar position do not - what they don't know won't harm their profits I guess!!

[barney27]

to keepit real thanks for the advice
as this is our first time at this my husband is concerned that if we dont change the mortgage n we get asked questions later it wont be worth the amount we r trying to safe on now. i saw u too r shocked with the property rental prices in singapore, we were thinking on the long run it may be a better investment to buy. have you tried the west coast that is supposed to good value for money plus it is near International Schools should that apply. good luck with your move

[keepitreal]

Hi Barney
I just completed a form for my re-location agent on the ground in Singapore and just mentioned that I was quite open to where we are looking to settle. Just want to be in an area where it is child friendly and not too far away from shops and work in the CBD. My Bank are putting us up for a month and we are on our own after that. Difficult to say at this stage where we will end up as me and my family have never even visited Singapore before! We are making this move completely on impulse, some people think we are mad but I know it will work!

Counting the weeks down now but so much to sort out at home!!!
When are you guys moving?

[barney27]

hi keepitreal

well we seem to have loads to sort out my husband's company will be offering the same thing 1 month's rent but otherwise we r on our own too. I used to study in singapore as a teenager but things have fast moved on since those good old days....lolol. We have a toddler and will have a newborn by the time we get there around oct/nov my husband may have to start first if we r not ready. Is your wife planning to work? i cant to start off with the little ones, how old r your kids.? the west coast seemed more accessible as the condos did not seem situated in a distance compared to the east coast....my husband visited. we r excited but slightly dtressed out with the preparation for the move n our new baby that is soon to arrive. good luck

[HunBunny80]

to keepit real thanks for the advice
as this is our first time at this my husband is concerned that if we dont change the mortgage n we get asked questions later it wont be worth the amount we r trying to safe on now. i saw u too r shocked with the property rental prices in singapore, we were thinking on the long run it may be a better investment to buy. have you tried the west coast that is supposed to good value for money plus it is near International Schools should that apply. good luck with your move

We did not inform our mortgage company when we let it out. As I believe, it was not a legal requirement to change it to buy-to-let.

[keepitreal]

I thought we were under pressure but with a little one on the way you guys really are. My boys are 1 and 3yrs, we are thinking of having another out there but will see how it goes for the first few months before deciding. My wife is not planning to work but I guess we'll see how it goes again. It's difficult to meassure finances to a degree accurately without being there but I think we'll be safe as long as we don't end up paying through the nose for a lease!

Is your husband working for a bank like me?

[jockney]

I have just moved here and rented my house in scotland.
1) we told the bank and they are charging us more money as we are letting the property. They said we could appeal(we have and await outcome) and if we had not told them, they would have found out sooner or later?? we will change mortgage lender(when we return, on principle) if they continue to charge us
2) in scotland you have to have a tenancy agreement or you might not get them out when you return!
3) we did not use an agent as they charge large fees and the rental prices can be over the top and off putting for potential renters.
4) we advertised in local paper, got tenants and vetted them ourselves, looked at where they were living and got references.
5) check with your house insurance!
we were lucky as we rented our house as unfurnished reducing risk of damage. we also took one months deposit in case of damage.
any questions please ask by pm, no problem.
my wife is coming next week after tying up all the loose ends.

[Michale Crown]

Great Country with great destinations......!

[Harjit]

hello keepitreal and barney27 (and anyone else reading this!)

I have read your e-mails and seems like we are in the exact same position just a few months behind you. We are coming out there in Jan with our 2 boys (2.5 years and 9 months). We will also have the 1st month's accomodation provided by my hubby's bank but then we have to find somewhere ourselves. We have never been to singapore before but will be there for a week at the end of Nov (without the kids) to see if we can suss things out like nurseries and where to live. Have you guys found anywhere yet which you can suggest? I will probably not be working initially either and so would love to meet up with other mummies in similar situations so please get in touch!

[davidjmartin]

Hi there,
I rented out my house in Scotland from Jan this year for 6 months and came to Sg and i just used a short assured tenancy lease and vetted the tenants myself as the agents take 10% which i wasnt willing to pay!
As long as the mortgage is payed every month no-one will be any the wiser but i got an email from my tenants saying they were leaving after the 6 months so i had to come back to Scotland to sort things out but ended up selling my house and buying a flat to rent out when i come back to Sg in November and i will be looking for somewhere to rent.
You can apply for a landlords registration online which you will need if renting.
good luck!