Difficult decision

JDoyley_2

I've never been a good decision maker (which explains to a certain point why I'm in the position I find myself in).

I'm single and have been renting in London for years and suddenly the years have caught up with me. Just turned 50. Where I live is being sold. I've come into a large sum of money which would enable me to move out of London and buy somewhere nice (I think). All my ties are in London though family relations aren't what they were.

I've got so many options my mind is spinning:

• Move out of London. I could buy somewhere and have enough to live off my savings. Maybe try to find part time work
• Buy in London. That would mean getting a hefty mortgage at my age but I'd still be in touch with what I know if you get my drift.
• Work has got quite difficult. We have an office in the Milton Keynes area. I could try that. Wouldn't know anyone though.

I'm not expecting answers just if anyone has faced simillar decision making. Change is a difficult thing.

laura_louise

I don't think anyone can really say because they are not you. If it were me, i'd explore the Milton Keynes option with work and see if you can be transferred there. Then, if that works out, i'd probably rent for 6 - 12 months to get a feel for the area and if i want to buy there and in what areas.

There is another option you didn't list and that is to simply stay put and invest your money elsewhere, either temporarily or for the longer term. What accommodation are you in now, is it council or private? If you have a council place in London then it might be worth stopping...

bouicca21

When I first separated from my husband my instinct was to leave London and start fresh in a new area, where my share of the assets would buy me a far better property than I could afford in or near London.

As it happened selling up and sorting finances took way longer than I ever expected, giving me plenty of time to think. I decided to stay because making friends in a new community struck me as very, very difficult, and I began to realise that I really was a city person. I also realised that I would be able to overpay a mortgage (which would be less than the rent I was paying) and pay it off with my retirement lump sum.

So I bought a flat in a London suburb, within reach of friends and family, easy ride into Town, lots of restaurants and coffee shops. Love it.

If you are the sort of person who can make friends easily, and has a game plan about how to do that, then think about moving out. If not, better to be near friends, than lonely somewhere else.

Jhoney_2

Perhaps buy in London whist you look at your options in MK? That way, you should still be in a good position in terms of locating outwards if/when the time comes.

It depends on many factors, including size of lump sum, property required, mortgage possibilities and work.

Out,_Vile_Jelly

It won't dissolve if you don't spend it RIGHT NOW so have a good long think. Might be worth speaking to a financial adviser to discuss other options such as pensions or an investment portfolio. It doesn't have to be spent on property.