House Sale and Rental Options When You Emigrate
The Emigration Group is currently receiving an unprecedented number of emigration enquiries...more than ever before. It seems at least half the country now wish to leave! Who can blame you? Yet for an increasing number of would be migrants, with the economic uncertainty prevailing in the UK, there are concerns about whether you will be able to sell your house and for what price? Also as to what the implications are likely to be if, having secured your visa, you are unable to move because your property has not yet sold and until the equity from your house is released, you may not have adequate funds to facilitate the move Down Under.
Much of the rumours now spreading in the press are without foundation. In order to help you, let me differentiate between fact and fiction.
In one recent press article, the writer claimed that Britons dreaming of a new life abroad faced a race against time as if they did not take up residence within one year, their visa would lapse and they would have to start all over again. This is too simple a statement and is NOT accurate.
FACT: Most migrants for Australia have up to 5 years in which to emigrate (once your visa is issued)
FACT: Most migrants for New Zealand have up to 3 years in which to emigrate (once your visa is issued)
These time scales allow for great flexibility when choosing the date that you actually make the move a permanent one. We would all hope that within the next year or so the economic situation will be much improved. But why wait? Once you have your visa, should you allow your migration plans to be forced ‘on- hold’ simply because you are having trouble selling your house? What options are open to you?
Firstly, you could remortgage your house to release some money to help you get established when you arrive down under. Don’t forget that you are likely to be renting for sometime when you do emigrate, so you do not necessarily need all the equity from your house right away. The property market in Australia and New Zealand is equally depressed and it is likely to be a buyers market for the next year or two as well.
Secondly, you could choose to rent your home, whether you elect to remortgage or not. This would hopefully cover your mortgage payments and allow for the market to pick up over the coming years before choosing to sell.
Lastly, if you really just want to cash in and leave, then there are companies who will buy your house for cash. Clearly this will be at a discount on its current value, but at least it gives you all your available equity right away. As a cash buyer in Australia or New Zealand, you will find bargain buys to be had, so what you may feel you have ‘lost’ on paper in the UK you will make up for Down Under when the market there picks up in years to come. Most importantly for you and your family, your life is not ‘on hold’ as a result of the housing and economic downturn.
The Emigration Group can assist you in this regard and has enlisted the professional help of an experienced mortgage broker to advise you free of charge. Paul Joslin, from Paul Joslin Associates has over twenty years experience within the mortgage industry. He is a widely respected professional and has agreed to provide a free phone consultation to you in order to discuss your options, without any obligation.
Feel free to contact Paul on 0845 230 7654 (local rate call) or email him at: paul@pauljoslinassociates.co.uk
Paul Joslin Associates is an appointed representative of Personal Touch Financial Services Ltd., which is authorised and regulated by the Financial Services Authority. Terms of business and initial disclosure document may be obtained from Paul.
Clearly in the current climate, what is paramount is that you seek out complete and sound advice on all aspects of your migration plans. This is the cornerstone provided by our personal migration consultations. It is never too early to know all your options and to explore what timescales may or may not govern your planned migration.
The best advice I can give you is to complete your Assessment Form and arrange a personal consultation with one of our experts in either of our Chester or London offices. One thing is certain and that is that immigration policy is constantly changing and you may find that if you do nothing, you could be ineligible for a visa due to a future change in policy. It’s your future. Plan it wisely.
With my very best wishes for a prosperous future.
Regards
GEOFF TAYLOR
Director