what to do with £70000?

sammylou35

We are selling our house as we are living with an elderly relative (my grandfather), we will have about £70000 to put in savings.
We will need access to this money because when my grandfather passed away we will need to buy out the the other grandchildren to be able to stay in the house and i imagine we will need to get our hands on it quite quickly.
We will need to find approximately £240000.
He is 94 and we have been living with his for 6 years already, so have no idea how long he is going to live but hopefully a long time yet

so, we need to earn as much interest as possible with out any risk.

FYI
we are no longer interested in keeping the house as even with full management our house wasn't looked after by tenants, and it could take several months to repossess and sell the property to buy out my greedy cousins.

TIA x

opinions4u

Easy access savings account. This link from the top of the page should help.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

MoneySaverLog

sammylou35 wrote: »

FYI
it could take several months to repossess and sell the property to buy out my greedy cousins.

TIA x

Why greedy cousins? It's up to your grandfather but I would have thought that it's his wish to share with his grandchildren. If it's not then why not point out what will happen and ask him to make a will?

sammylou35

Why greedy cousins? It's up to your grandfather but I would have thought that it's his wish to share with his grandchildren. If it's not then why not point out what will happen and ask him to make a will?

Because we know he has left his whole estate ( a house with garden and separate 2 acres) to the 5 grandchildren, 2 are my siblings 2 are my cousins. They will want their share immediately, in cash. They are overseas and very money focused. I foresee them coming over and wanting their share. We will need to buy them out. We have spoke to him about it but hes worried about tax implications if we buy the property now, he is also a stubbard old man!:rotfl:.

atush

They can wait for probate. It would help if you as the carers are made executors. And if you are living there, and will be buying it, there should be no tax complications for you (nor him as he will be dead).

He could, in fact, make a will leaving you as his carers more of the estate than an equal split.

calypso_rhapsody

Put it in the best instant access account available - see the list on this site (i think you've already been sent a link) - and make a note in your diary of the date any bonus expires and move it! Opening the account in joint names will probably make sense, but if one of you is not a tax-payer then put in that person's sole name? You could also use up your ISA allowances each tax year that your grandfather survives if you are tax payers. There are instant access ISAs available.