Seeking advice re. what to do with proceeds from house sale

AnotherJoe

Never mind "legal", a few Questions for you.

"A  few years ago"....
 Was there a govt mandated hiatus on renters paying rent? 

Was there A govt mandated Delay lasting for at least several months, on evictions?
Was there a huge backlog building up of court cases to evict people? 

Are there more and more regulations making letting a property more and more problematic and expensive?
Was  there a pandemic meaning that house prices are likely to fall?
And aside all that, Are you up to date on all the legal duties of being a landlord ?

Do what George said above. 

Socajam

catscaroline said:

I think this is on topic: I have recently inherited 160k from a relative who left a house to me, the house sold and I have 160k as a result, the problem is I am 70, happy in my own home, don't wish to move, have no desire to own a buy to let, don't want to put the money into long term savings accounts and I have no need for expensive luxuries, I have no desire for more travel in my life and can't drive anymore due to eysight issues. I have put the money into the best easy access accounts as advised on this site (max 85k of course).  My problem is I feel silly having 160k which I feel I just can't do anything with, I have no relatives so intend leaving it all to charity. Most people think I am crazy, but the truth is I have no need for money at all.

I know this is off topic as well, and it's good that you are going to help charities because they really do need it
But on a different note, have you thought about helping university students especially those from single parents/foster homes/council care who have no support system, but worked hard to get into university but are struggling financially to get that college degree.
Even a couple of hundred to buy books or room/board would go a long way.
If you are interested, I think you should be able to obtain information from the universities about students who are really struggling financially and could use some help.  Just a thought.

DairyQueen

AnotherJoe said:

Never mind "legal", a few Questions for you.

"A  few years ago"....
 Was there a govt mandated hiatus on renters paying rent? 

Was there A govt mandated Delay lasting for at least several months, on evictions?
Was there a huge backlog building up of court cases to evict people? 

Are there more and more regulations making letting a property more and more problematic and expensive?
Was  there a pandemic meaning that house prices are likely to fall?
And aside all that, Are you up to date on all the legal duties of being a landlord ?

Do what George said above. 

+1 to this ^^^.

Just to add...
The tax issues will be problematic: income tax, CGT and/or IHT.

POA for recently deceased mum-in-law did the sensible thing when she entered care and her house was sold. Sale achieved high six figures and the whole lot was bunged into NS&I. POA followed the advice of an IFA to the letter.

The attorney must act only in the interests of the elderly person and I'm struggling to see how purchasing a BTL meets that criteria.

Bobziz

The guidance on your particular situation is not great, and the case law seems to be developing. However, as others have said, you need to be able to demonstrate that you've acted in the donors best interests. This does not necessarily mean putting everything in an NS&I account. Government guidance does set our that the donors will and beneficiaries of such should be taken into consideration. If in doubt you may be able to apply to the court of protection for a view, although I believe they usually  consider things retrospectively following a complaint.