Returning to UK from abroad

Irequireausername · 2023-03-31T06:22:25+00:00

Hi, I moved abroad, rented out my property and now i'm coming back. I'm wondering whether to buy another house or to evict the tenant. Do you think I should evict them because the housing market doesn't look too great or should I just go ahead and buy another?

ChiefPearlClutcher · 31/03/2023 07:26

I’m trying to figure out if you’re being goady or obtuse…

Zipettydooda · 31/03/2023 07:26

Depends how much money you have really and whether you want to have a property to rent out as a form of income.

Obviously, this is assuming you wouldn’t have to take out a mortgage.

Original poster

Irequireausername · 31/03/2023 07:27

ChiefPearlClutcher · 31/03/2023 07:26

I’m trying to figure out if you’re being goady or obtuse…

Neither? This is the property/diy section...

OP posts:

Original poster

Irequireausername · 31/03/2023 07:28

Zipettydooda · 31/03/2023 07:26

Depends how much money you have really and whether you want to have a property to rent out as a form of income.

Obviously, this is assuming you wouldn’t have to take out a mortgage.

I would have to take out a mortgage. It wouldn't be massive but i'd rather not buy again if the market is going down.

OP posts:

ChiefPearlClutcher · 31/03/2023 07:32

Being a landlord and the issues around that aside…

Do you want to continue your life where your property is?
How have you found being a landlord? Can you continue? Do you have sufficient funds? Do you have a good tenant?
Do you have a deposit?
Do you have a sufficient credit rating/history in the UK to get a mortgage?
Would you have the employment history to get said mortgage?
Have you checked interest rates lately?
Capital gains if you sell?
Remortgage your first property?
Do you know what you want to buy? Upgrade? More bedrooms? Garden for kids and pets?

soooo many questions, how would anybody know or advise based on your OP? Or a massive drip feed that you have £££ in the bank ready to offer on a flat in X

Original poster

Irequireausername · 31/03/2023 07:38

ChiefPearlClutcher · 31/03/2023 07:32

Being a landlord and the issues around that aside…

Do you want to continue your life where your property is?
How have you found being a landlord? Can you continue? Do you have sufficient funds? Do you have a good tenant?
Do you have a deposit?
Do you have a sufficient credit rating/history in the UK to get a mortgage?
Would you have the employment history to get said mortgage?
Have you checked interest rates lately?
Capital gains if you sell?
Remortgage your first property?
Do you know what you want to buy? Upgrade? More bedrooms? Garden for kids and pets?

soooo many questions, how would anybody know or advise based on your OP? Or a massive drip feed that you have £££ in the bank ready to offer on a flat in X

I want to continue my life in the general area. The house is lovely but I'll probably buy something else eventually anyway. Just worried about the timing of it.

I enjoy being a landlord. I can continue if i choose to as it's mortgage free.

I have a deposit.

I have sufficient uk credit history and employment history as I still work from the uk.

Not planning to sell it.

It's a nice 3bed detached but I will eventually buy something bigger.

OP posts:

good96 · 02/04/2023 17:56

I think you’ve answered your own question. I would buy another property and continue to rent out the other property as long as the tenants are good and no issues from them? As much as it’s easy for you to ‘evict’ someone, you’re evicting them from ‘their’ home - there’s a lack of rental properties at the moment - I would leave them in situ and then re-assess when they decide to move on.
Property prices are dwindling at the moment (which be good for you to buy second house) but they will be on the rise again.

Evelynbrown · 07/04/2023 07:55

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TodayInahurry · 07/04/2023 08:12

If you buy another house you may have to pay extra stamp duty as you already have a property. Best check first

PragmaticWench · 07/04/2023 08:23

I'm fairly certain you'd have to pay Capital Gains Tax if you have a second property when you sell the first. That could be expensive.

FiledAwayInABox · 07/04/2023 08:29

It depends. There are too many variables.

Personally, I'd evict the tenant. It sounds like you've been lucky with your tenents and agents but I'd be nervous of future changes making it more difficult to be a landlord.

taxguru · 07/04/2023 08:47

You'll almost certainly pay more capital gains tax if you don't move back into it before you sell it (You'll get more months of exemption). Likewise, you'll pay more stamp duty if you buy another house and own two for the longer term.