Selling PEPs and ISAs

silvercar

I have PEPs and ISAs with about 10 different companies. Durinf the late 90s my husband and I openned a new PEP each year with a different company. We read the papers, took a view and openned new products.

Don't put all your eggs in one basket - we certainly didn't. We now receive enough annual reports to recycle a rain forest.

Hopefully we are going to move house shortly. All these PEPs and ISAs need to be cashed to pay for the new house. We have enough cash in the bank to pay the deposit (curently in our offset mortgage account, so its working for us until needed). I need to know how long it takes the providers to cash the policies. Is there a general rule or industry standard?

The companies concerned are all main stream ones like L&G, Norwich Union, Jupiter, Fidelity, AXA etc.

Ideally I don't want to have to start cashing them before exchange of contracts, so if the deal falls through I won't lose the allowances. There should be about a month between exchange and completion.

dunstonh

1 week to 6 weeks depending on the funds you have invested in (some have only one day in the month that deal).

1nine

ISA (Stockmarket Invested) and PEP providers must act on our instructions immediately (within 24 hrs) upon receiving your written request.
It can still take a week (2 weeks max) for the administration to be completed and cheques to be posted out. I know of no PEP/ISA investments which deal only once a month. All stockmarket invetsments within PEP/ISA's tend to be very liquid. This does not apply to certain other 'products' such as With Profits investments etc.

deemy2004

It should be pretty straight forward, you call them up and they will usually fix a price as of of next day mid-day at the latest. Then transfer the funds to your bank account, on reciept of the renounciation document that they will send out to you.

dunstonh

1nine wrote:

ISA (Stockmarket Invested) and PEP providers must act on our instructions immediately (within 24 hrs) upon receiving your written request.
It can still take a week (2 weeks max) for the administration to be completed and cheques to be posted out. I know of no PEP/ISA investments which deal only once a month. All stockmarket invetsments within PEP/ISA's tend to be very liquid. This does not apply to certain other 'products' such as With Profits investments etc.

I'm sorry but there are a number of funds with limited dealing dates. Just because you are not aware of them, does not mean they do not exist. That doesnt just include guaranteed equity bonds within the ISA wrapper but active managed funds with no defined timescale of tie in.

stonsey

Hi all

Im in a similar situation - Having 1 ISA a year for the last few years and now needing to cash them in for a deposit on a new house.

What I would like to know is is there any benefit in leaving the current year's ISA alone until after 1 April 2006 or should I just sell it with the others?

Any advice would be great.

Thanks

:rudolf:

jobbingmusician

Can I jump into the thread as well pretty please?

Want to cash in a Friends Provident PEP - do I just write to them and ask them to send me a cheque? And is there any value in delaying this until April?

dunstonh

Want to cash in a Friends Provident PEP - do I just write to them and ask them to send me a cheque?

Yes

and is there any value in delaying this until April?

Only if the investment fund(s) go up in that time.