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Where to save proceeds from flat sale
specialhat
Posts: 182 Forumite
Hello.
I am selling my flat chain-free and living with friends/family in the gap between selling and buying (although I will try to make the gap as small as possible).
I have quite a lot of equity in the flat (£200,000+) and will need to save it somewhere safe before my purchase. What usually happens in this situation? Obviously only £85k is covered by the FSCS so it would need to be split up I think? Or does the solicitor keep it (which means no interest going to me). I am hoping it would only be for a month or so but it's hard to tell at this stage.
Thank you!
I am selling my flat chain-free and living with friends/family in the gap between selling and buying (although I will try to make the gap as small as possible).
I have quite a lot of equity in the flat (£200,000+) and will need to save it somewhere safe before my purchase. What usually happens in this situation? Obviously only £85k is covered by the FSCS so it would need to be split up I think? Or does the solicitor keep it (which means no interest going to me). I am hoping it would only be for a month or so but it's hard to tell at this stage.
Thank you!
0
Comments
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Temporary high balances of up to £1,000,000 are covered by FSCS for six months.
https://www.fscs.org.uk/your-claim/temporary-high-balances/
Personally I would put it in an instant access savings account.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 -
Great, thank you. I have a few of those so will look into it.0
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Years and Years spread misinformation
http://stonegatewealth.co.uk/how-the-bbcs-years-and-years-got-the-savings-safety-net-wrong/0 -
Make sure it is somewhere you can withdraw a large sum in one go for which you might have to pay a CHAPs fee.
I think Virgin will send £100,000 by faster payment and £100,000+ by CHAPs without charge. 1.43% on the double take account I think.0 -
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if for a longer period, either spread it around (£85K per institution) or use NS&I which has unlimited protection.0
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Marcus account?An answer isn't spam just because you don't like it......0
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