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RRP

Where To Save Proceeds Of House Sale

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Hello , this is my first post here in recent years. Basically , we have sold our house in London and are now renting inn Devon - we have retired. We need to park a large sum of money somewhere safe and will need a maximum of 30 days notice for withdrawal should we see a house we want to buy.

Any ideas , or pointers here ?

Thanks.

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Maybe I should explain.

I was a founder member of HPC and got invloved in the early campaigns including a radio interview with the great Kirsty. We sold before the last crash like a few of us did on HPC much to the dismay of friends and colleagues . We had many a discussion on what to do with our money but it seems like the forum has changed judging by the tone of the replies .

I'm not sure where the market is going at present ( it's getting a bit scary again ) but I am out of it for the moment . Will probably buy (might even carry on renting) a small house and turn my back on the world, I ve had enough. Boom slump , boom slump, , twas ever thus.

Edited by RRP

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Well done on timing the market twice :rolleyes: London is falling and you are sooooo lucky to have ridden the wave. I've a feeling there are quite a few looking to leave London and cash in their chips by moving away; maybe not as far as Devon but within commuting distance if they're still working there.

Wish I'd managed to do the same. My basic mistake was never buying in London in the first place. :) Who would have thought in the 70s when there was so much housing in dire condition that if you did up a house in London you'd be sitting on megabucks by now? In spite of following the market for some time I seem to get it wrong but it really shouln't be a market as we all know on here. Decent housing is a basic necessity.

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Southern Ireland? Wales? somewhere cheaper. Buy a cheap house (a live in it) preferably with a bit of land (with fresh water or close to it) to plant some veggies / chickens (rabbits) and diversify the rest.

Growing you own will keep you active, it will have less pollutants on it, will taste better and you will longer. And if you run out of money (or money has no value then at least you have food). Which you can sell or trade. A big stash of non GMO seeds would probably be a good investment.

Invest in the ability to produce power. Firstly you reduce or stop buying electricity, secondly if the SHTF you still have power?

(invest in the ability to produce food). Don't buy to close to sea level (depending on how long you plan on living).

Some cash in cash (not all in Sterling), one months physical cash, possibly a mix of currencies US$ swissie? spread the risk out of sterling (for the expected bank failures) and some gold and silver (not paper gold small coins be). I would go for a particularly large stash of good wine and cheap spirits. The hold value and if the don't (drink it).

I would stay out of the stock market. Personally I rather have a wharehouse full of small wind generator parts, UV water sterilizer and filters than own any stocks.

If I had the cash to buy, I would buy, I know its going to go down in value. But that is irrelevant if you own it 100% and you want to live there for the rest of you life.

If you can buy cash the you are insulated from the losses which will eventually come. If I had the money, I would not worry about that.

If you asked me if I should take out a 300,000 pound mortgage and buy, I would say that is foolish. That is not safe.

For a cash buyer, house is not a bad bet (even it drops 99% you still have a house). If you a borrowing like most of us its not good at all.

.

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The obvious thing is max out your various ISA allowances, and your other half's too.I think there are enhanced deals for the retired now. If you have kids under 16, investigate the savings options for them as there are sometimes better deals and effectively tax-free.

Other than that - if not using National Savings - make sure you stay under whatever the current limit is for recovery if the bank goes tits up (is it still £85K?) and beware of different brand names held by one company (it is £85K per company not brand).

Bear in mind also that some will have friend recommendation offers, offer cash back via sites like Quidco etc.

It is going to take some work to maximise any benefit - but it is a nice problem to have.

Edited by StainlessSteelCat

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Id go premium bonds 30k each, the rest in banksI just got a rate of 1.5% instant at the mo,spread it around,then look to buy,Devon is full of people from your neck of the woods,I STR in 2007 and came here from SE London, anything tasty/with potential is strong money,if your over 45 buy it doesnt really matter weather it goes up or down really if your cash, remember if you rent after 6 months your only ever on "an 8 week wonder" trust me, been there,I bought in 2012 very good year to buy everything at the moment strong,perhaps wait a year and see,who knows, when you got the Govt cooking the books who knows!! although they are aware of the growing young renters and need their votes!!

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Well, thank you all for the replies. I am going to go for the safe option with NS+i income bonds , max out on premium bonds and ISA's . Boring but I did dabble in shares , didn't loose and came out a bit ahead but the markets are fraught with projection,big players, and sentiment in my opinion.

Wifey already has her eye on a place hear in Dartmouth (the cheap end) and I have a funny fealing that the landlord will want us out after six months as she can capitalise on turning the house into holiday let..Slighty off beam now but nearly all the houses around us in Dartmouth are empty ( it's a bit eery at night) . They are either second homes or holiday lets. I would say that 85 per cent of our street is vacant .

Anyway, I dont think Dartmouth is the end game . Might even end up on a farm , we'll see.

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