Selling our home and moving into parents empty home for the short term.

orm12

We are in the process of selling our home to move into our parents house. Our parents (my in-laws) are moving into their second home by the sea so they can enjoy the first 12 months of their retirement. We will only have to pay the general household bills, gas/electricity etc. The idea being we keep their house safe & secure, save more money ourselves while enjoying the benefits of having a larger home for a while. After 6-12 months of living in our parents home we plan to buy a project property to make our forever home.
Once the sale of our house is complete we stand to have £100k ish that we need to keep safe, while adding to this figure monthly to give us our new deposit.
Has anybody had a similar experience in doing something like this? Positives and negatives of this plan? Also looking for the best place to keep the equity and future savings before re-entering the property market.
Any advice appreciated.  

 

csgohan4

Premium bonds would be a start, MSE does a list of savings accounts as well

[Deleted User]

Yeah, 50k Premium Bonds each should cover it.

Regarding your action plan, just bear in mind that your home sale can take many months to complete, 6 months is nothing unheard of. So you will have to keep an eye for two properties for extended period of time.