Sold house got a very big cheque, what next?

BigDipper

Hi Guys

I have used this site for a number of little things and browsed through the pages to see how people can get a better deal which is very heartening, knowledge is power and it's great to share!

We have just received a cheque from a house sale. We have no mortgage. We are living in another house we built (no mortgage). Our problem is a good one but we want to make sure we do the right thing and would appreciate any advice before an expensive mistake is made.

First off, where should we bank the cheque? Are there any other hungry mouths to feed (paid the agent and solicitor) hidden taxes etc when we bank this?

That is our main question. When we get a good understanding of what to do we will read the saving and investments forum (unless someone cares to mention something!).

Looking forward to your very valued replies,

B

deemy2004

You should have planned something before you got the fat cheque, now for every day that passes your losing interest !

Okay what bank do you have ?

Halifax ?

I advise bank it immediatly and as soon as the money clears shift into soemthing like the websaver account to immediatly start earning decent interest, preferbly in your wifes name if shes not working i..e gross interest.

Once youve done that - Then take your time to see where to put the money for the longer term.

Taxes ? Yes if its from the sale of 2nd property then you will have tax to pay on the capital gain.... sitting on the cheque is not going to change that

Juni_3

If it's not your main house then aren't you going to have a tax bill to pay at some point?

BigDipper

Thanks Deemy - got the cheque this evening so will be banking it tomorrow.

It's actually bank of Ireland so we will have to see what there highest interest account that will allow us reasonably quick access; or we could go Alliance and Leicester ( any knowledge of their accounts?).

Its the sale of the 1st property so thankfully Capital Gains isn't an issue from your comments.

We will look through the investment section to get other tips for longer term investment; many thanks once again. Are there any relevent threads that you have chanced upon that have options for longer term investments?

Thanks

B

divadee

BigDipper wrote:

Its the sale of the 1st property so thankfully Capital Gains isn't an issue from your comments.

Do you own 2 houses though? and did you own 2 houses when you sold this house? If you did then capital gans will be liable. It would probably be better to give the IR a ring and check it out with them. You can do it anonomously and just get the right info.

micheleen

divadee wrote:

Do you own 2 houses though? and did you own 2 houses when you sold this house? If you did then capital gans will be liable. It would probably be better to give the IR a ring and check it out with them. You can do it anonomously and just get the right info.

No capital gains if it 'was' your PPR and you have sold it within 3 years of moving out.

mummytofour

You could always send me the cheque

kinster_2

This thread should be in "Savings & Investments" titled "I have x amount, what is the best ROI?"

Regards