Money After Selling Property?

konn1ch1ha

Hi all,

I'm looking for some advice where I should put the money from my property I am selling. I understand this is a loaded question so I'll briefly explain what my medium-term plan is. 

My flat is nearly sold, will hopefully complete in the next few weeks. I am then looking to buy elsewhere but not immediately. Where or what accounts/ISAs would be a smart/fiscally sensible place to have it in t he meantime? 

Thanks!

JGB1955

How much are you talking about?  £10K, 100K? £more? .... How much notice will you need to access? Are you a higher tax payer?

konn1ch1ha

JGB1955 said:

How much are you talking about?  £10K, 100K? £more? .... How much notice will you need to access? Are you a higher tax payer?

Thanks for your response. It will be in the region of £120-140k. I am not a high tax payer.

JGB1955

For the short term, NS&I Premium bonds seem to be the best 'go to' choice at the moment.  No guarantee of winning, but your money is safe there.  

bostonerimus

How quickly do you intend to buy again?

konn1ch1ha

bostonerimus said:

How quickly do you intend to buy again?

Within a year I think.

jimjames

konn1ch1ha said:

JGB1955 said:

How much are you talking about?  £10K, 100K? £more? .... How much notice will you need to access? Are you a higher tax payer?

Thanks for your response. It will be in the region of £120-140k. I am not a high tax payer.

The ISA limit is £20k so that's a non starter unless you're feeding in over 6-7 years. Just look for the account that has the best rate if you need it FSCS protected and need the money soon.

bostonerimus

konn1ch1ha said:

bostonerimus said:

How quickly do you intend to buy again?

Within a year I think.

Then just keep it in the bank or National Savings.