Best use of Inheritance

Louisarose

Hi all,

Looking for perspective and advice please !

Last year I lost my lovely Mum, myself, my brother and sister inherited her property which was sold and the money distributed as per her wishes. I received 145K some of which I used to become debt free (yahhhhh!) the other I purchased a new car as did my husband and we also had a good holiday and have booked to take Step daughter and her 2 children to Orlando later this year. The remaining monies approx 90K has been invested by our Financial Advisor, some in ISA's some in a portfolio which they manage.

My Mum lived her life to the full, traveling a lot even in her later years. I have inherited this love of travel and therein lies my dilemma. We are becoming increasingly dissatisfied with life in the UK and often think about the idea of buying a property abroad, we currently live in a council house and I assume that if we own a property abroad even if its only intended as a holiday home we would be unable remain council tenants ? Sadly the area we live in makes it impossible for us to purchase a house due to the huge prices in the area and our ages when it comes to a mortgage. I work in admin and hubby is a driver so would it be possible for us to find work abroad as we would still need to work in order to maintain ourselves. I just feel that there are too many obstacles, difficulties in our way to make such a massive move. The other option is to spend some of the money to buy a decent Motorhome and use it to escape either in the UK or abroad when our current jobs allow ?

Would be so nice to hear from others in a similar position or who have had experience of our situation. I suspect that having had not a lot of money so far in my life i thought this cash would change my life more than it has and would love to use it as an opportunity to Do Something if you get my drift ! I also feel a sense of responsibility as this money is money my parents worked hard for and I,m very conscious that I mustn't waste it or the opportunity it brings.

Any help, ideas or advice very much appreciated and I hope my rambling makes sense

S x

anselld

Tax-payer subsidised accommodation, debt-free, £90k in the bank, 2 new cars, a nice holiday and dissatisfied. Hmmm

Jhoney_2

anselld wrote: »

Tax-payer subsidised accommodation, debt-free, £90k in the bank, 2 new cars, a nice holiday and dissatisfied. Hmmm

I understand your point anselld, but that's not quite what was said. Not satisfied with life in the UK is a much wider issue, imv.

Sorry for your loss OP, Think carefully and make sure your decisions are founded in some sound advice, otherwise you may regret how you spend it. Apart from becoming debt free, you have already spent a significant amount on things that are now depreciating (cars) or just (lovely) memories - that's almost a third in under a year!

Perhaps having found yourself unexpectedly debt free you can use the extra money from what would heve been the repayments, to save and add to your 90K balance - perhaps moving away from the current area to a property you can afford on your present income?

Best of luck, JH

eddddy

Buying and owning a property abroad is a massive undertaking, especially in a non-English speaking country.

These forums describe problems people have with UK property.

Imagine dealing with those problems when documents aren't written in English, when the people you are dealing with don't speak English. And where local property laws are completely different from UK property laws.

Pixie5740

If you're dissatisfied with life in the UK why not just use the money to move abroad? I intend to retire somewhere warm.

Louisarose

anselld wrote: »

Tax-payer subsidised accommodation, debt-free, £90k in the bank, 2 new cars, a nice holiday and dissatisfied. Hmmm

Possibly people like you could be some the reason for dissatisfaction.
🙄

jimbog

Sorry for your loss - it's never easy.

I would move abroad and take that chance - life's too short. By also giving up the council house you would be freeing it up to a family who really need it and haven't the opportunities you have - which would have made your mum proud.

justme111

If you want to move elsewhere then sensible and logical option would be to move there temporarily without giving up your existing accommodation and try it.
From your post I do not see you really wanting to move to another country as you do not mention specifics - country, language , places, property prices, wages etc in a new place.
So it seems to me it is just a wooly "what should I do with this money , I should do something I would not have done otherwise " desire.
If it is then I would see how much this money could bring you in a year on a sustainable (!!) basis and decide what to do with that income. Or spend it on a one off thing that you researched well before (tried living in spain let's say and liked it but found it tight if having to pay rent).

theartfullodger

The kind and noble thing would be to allow others to share in your good fortune & give some or all of the money away: And if you do this to charity & you are a tax-payer they get even more!! What's not to like!!

And what a wonderful way of remembering your dear mum & the sad loss.

We have every confidence you will do the decent thing.

Johnnytwostep

Give your tax payer subsidised house up for starters.

[Deleted User]

I do hope u are speaking with tongue firmly in cheek artfullodger lol.

If you used what's left of the inheritance as a deposit..,couldn't you then buy a house with a mortgage? Somewhere you choose, with a layout and garden you like.

Instead of moving to another country..,what about moving to another part of this country.., somewhere you like. Could the two of you find jobs?

As has been said, you are thinking of spending a lot of this money on things that will lose value, and quickly. In ten years time u will have some lovely memories but I wonder if they will be enough if you hit hard times when some extra cash would come in very useful?

I could be wrong, but it sounds like you are running away from things rather than looking at changing what is making you unhappy. Again, I am sorry, but well, retail therapy does make a person feel temporarily better, but you have to pay for the items eventually. That tends to be a bit of a downer and makes you feel worse. This money will run out if you continue spending it on things that devalue.., quicker than you think. You've already spent £55k of £145k. And what will you have to show for this £55k in ten years?

It is said that you shouldn't do anything major for a year after something significant like losing your mother.., its possible to make decisions you wouldn't make ordinarily.

I'm sorry, just trying to make you rethink this if its useful for you.