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Lump sum from house sale.


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I am due to receive money from a house sale, this will exceed the £85,000 protected limit for deposits in the UK, What do people do in this situation? Do you have to deposit the lump sum and then quickly split and move the funds to different institutions under different banking licences to protect the lump sum? My worry is having the lump sum in one account and the institution going belly up. Anyone got advice? Thanks 

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If you have a wife - then you can split it in different accounts at the same bank. Otherwise - lump some into another bank.

failing that - buy a few cars 👍

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I inherited a reasonable sum and have a number of institutions with 85k  or so in. Then keep an eye on the best rates and move around - eg when a bond matures with one bank look around again.  Check they are FCA registered to get the protection. Also check as some companies share the same FCA scheme. My lump sum arrived in Barclays and then I opened accounts etc and moved funds to the new accounts. (It seemed Barclays would survive while I set up the other accounts.....)

As Barry says if you have a wife then the level doubles - but it will then be a joint account.

 

I did something similar when I sold my mums house using my power of attorney -  when she went into a care home.

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National Savings is the safest place, effectively UK Government. Your whole investment is guaranteed, not limited to 85k. Returns are rubbish, premium bonds well under 1% pa now but obvs the chance to win bigger. 

www.nsandi.com 

Various accounts available inc premium bonds.

Unless the cash is needed or you want to hold cash, get it invested for capital growth. Specialist advice essential.

Justin 

 

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1 hour ago, Barrykearley said:

If you have a wife - then you can split it in different accounts at the same bank. Otherwise - lump some into another bank.

failing that - buy a few cars 👍

Not married, have enough broken cars at the moment!

Thanks for the replies, its more to do with what I do with the initial lump sum on receiving it. 

 

 

Amateurs built the Ark

Professionals built the Titanic

"I haven't ridden in cars pulled by cows before" "Bullocks, Mr.Belcher" "No, I haven't, honestly"

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13 hours ago, Dave Eds said:

Treat yourself to an unbroken car then Chris..... 

One is on the cards, I was thinking a nice Robin Reliant or a lada riva

Amateurs built the Ark

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"I haven't ridden in cars pulled by cows before" "Bullocks, Mr.Belcher" "No, I haven't, honestly"

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Similar situation.

Other half has had her house sale funds through and we're not due to complete on new house for 3months.

I don't think we're going to see any financial institutes fail in next 3months, but I do wonder if there is a safer place than her current building society.

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The solicitors may be happy to transfer the funds directly to different institutions, but check whether and how much they will charge you for it. That way you'd not be exposed to the funds being above the £85k protection.  If you do have to do it yourself, make sure that the bank you send it to have counter service on the day it arrives with them, so that you can go in and complete any security checks (in case telephone centre cannot do it), not all banks have counters open all days/ times that the branch doors are physically open.

 

Edit: It appears your funds would be protected by the solicitors for up to 6 months, whilst they hold it despite being over £85k.

 

https://www.lawsociety.org.uk/en/topics/client-care/client-funds

 

..

  • ‘temporary high deposits’ over £85,000, for up to six months, if they result from life events such as a property sale, an insurance payout, a compensation payment, a divorce settlement or an inheritance 

..

Edited by andydclements
Added bit for sols protection
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It really does depend on what you want to do with it Chris. Is it to enjoy? Is it to invest? Or is it to go towards retirement?

Frankly there are some good investments out there at present, though some are really risky. My fave would be buying a holiday home. The ones in the UK are really making a killing at present. My Uncle has one in North Norfolk, just a 1 up one down in Wells Next the Sea. Great investment. Personally I would go risky and buy an apartment or Villa in somewhere hot, on the risk that we can't live like this forever. The prices are low at present especially in places that normally cater to tourists like Spain, Portugal or even Cyprus. They will come back you can guarantee.

I have quite a bit in Premium bonds and not had a thing for 3 years. before that I got 3 prizes of £50 in 6  months.

Money is boring "Things" are great! become a hoarder.............or a picker!! (I am totally in love with Danielle BTW).

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6 hours ago, Kimbers said:

It really does depend on what you want to do with it Chris. Is it to enjoy? Is it to invest? Or is it to go towards retirement?

Frankly there are some good investments out there at present, though some are really risky. My fave would be buying a holiday home. The ones in the UK are really making a killing at present. My Uncle has one in North Norfolk, just a 1 up one down in Wells Next the Sea. Great investment. Personally I would go risky and buy an apartment or Villa in somewhere hot, on the risk that we can't live like this forever. The prices are low at present especially in places that normally cater to tourists like Spain, Portugal or even Cyprus. They will come back you can guarantee.

I have quite a bit in Premium bonds and not had a thing for 3 years. before that I got 3 prizes of £50 in 6  months.

Money is boring "Things" are great! become a hoarder.............or a picker!! (I am totally in love with Danielle BTW).

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So you're into the "wallpaper look" , eh?  I know "different strokes for different folks", but that many tatoos on a woman turns me off.

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9 hours ago, comem47 said:

So you're into the "wallpaper look" , eh?  I know "different strokes for different folks", but that many tatoos on a woman turns me off.

OMG Bob, I think she is AMAZING! Its not just the look, I like a curvy woman and a strong woman who knows her mind. She has been a burlesque dancer, a Roller Derby Player and yes, I love the ink! Got some myself (nowhere near enough). Both my daughters got my love of ink. 

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21 hours ago, andydclements said:

Edit: It appears your funds would be protected by the solicitors for up to 6 months, whilst they hold it despite being over £85k.

 

https://www.lawsociety.org.uk/en/topics/client-care/client-funds

 

..

  • ‘temporary high deposits’ over £85,000, for up to six months, if they result from life events such as a property sale, an insurance payout, a compensation payment, a divorce settlement or an inheritance 

You'd be surprised at how many people have "trusted" their Solicitor only to find that their funds had been misused or not kept in a separate client account.  Beware of Solicitors, many obviously are trustworthy, but sadly, quite a few have been proven to not be. A bit like Accountants and FD's!

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Mine was fabulous - until he went to prison for vat and client account fraud 🤪

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