Expat guide: renting out your UK home

Renting out your UK home is something that many people do. There is a way to go about it. Many people rent them out rather than sell them when they leave the country and move abroad. This is a good way to provide income. But, there are many different costs to factor in when doing this kind of thing.

Key Takeaways:

  • Many expats rent out their UK properties instead of selling them when they move abroad. This can provide income, make sure they have a base to return to and make it easier to obtain further mortgages later on.
  • The drawback is that dealing with tenants and maintenance issues directly can be stressful and time consuming. It’s an even bigger hassle if you happen to live in a different time zone.
  • For those deciding the agency route is best, be prepared to pay combined letting and management fees ranging from about 12 per cent to 15 per cent.

“Before instructing a lettings agent, check that they are willing to deliver and collect keys on your behalf and carry out an inspection of the property to check all is in order.”

http://www.telegraph.co.uk/expat/before-you-go/expat-guide-renting-out-your-uk-home/

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Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.