We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING:
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour.

Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Completion Date & Where to put sell proceeds from BTL which is over the FSCS limit

20122013
20122013 Posts: 815
500 Posts Second Anniversary Name Dropper
Forumite
edited 16 August 2025 at 9:37AM in House buying, renting & selling
I am in the process of selling my BTL and ‘The chain would like to complete on the <xxx date>.’ within the next few weeks.

I would like to check  whether  there is anything else I need to do before the simultaneous  Exchange and Completion?  As far as I know, I just need to give the go ahead to my solicitor and they will do the rest?

But what about paying off my mortgage, council tax and utilities etc? For my mortgage  I am thinking about these options:

As I have a fully offset mortgage, would it be easier for me to

1. pay this off using my offset account so there is no mortgage on the property or will this delay things. The lender says this will take 2 days to do but then I am thinking whether there will be additional paper work for my solicitor to cross check ?

2. If my solicitor pays off my mortgage with the sell proceeds (then the money in my offset account will remain and it pays 0.1% interest. As I will not be able to do transfer it out for some months, hence I am thinking of option '1'.

Also, I am unable to find where I can temporary (3 months) park the proceed from the sell (over £85K)
Added : Where to put sell proceeds from BTL for a few months which is over FSCS limit)

CGT needs to be paid and filed within 60 days of completion, correct?




«1

Comments

  • Emmia
    Emmia Posts: 7,552
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    You can take advantage of the temporary high balance protection for the monies over £85k up to £1million

    https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/
  • bobster2
    bobster2 Posts: 1,167
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    edited 16 August 2025 at 8:31AM
    Emmia said:
    You can take advantage of the temporary high balance protection for the monies over £85k up to £1million

    https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/
    Not for a BTL they can't. Need to be selling their main residence. In bold on that page...
    "Proceeds from second homes or buy-to-let properties are not covered"
  • Albermarle
    Albermarle Posts: 32,794
    Eighth Anniversary 10,000 Posts Name Dropper
    Forumite
    Added : Where to put sell proceeds from BTL for a few months which is over FSCS limit)

    Either use more than one savings account, or put it in a NS&I account ( no compensation limit ) 

  • 20122013
    20122013 Posts: 815
    500 Posts Second Anniversary Name Dropper
    Forumite
    NS&I will be my first option but do they cover BTL proceeds, too? 
    If not, I will split the proceeds over a few days.
  • user1977
    user1977 Posts: 20,005
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Forumite
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
  • 20122013
    20122013 Posts: 815
    500 Posts Second Anniversary Name Dropper
    Forumite
    user1977 said:
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
    I see, but will it cover BTL (Buy to let)?  

  • user1977
    user1977 Posts: 20,005
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Forumite
    edited 16 August 2025 at 5:21PM
    20122013 said:
    user1977 said:
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
    I see, but will it cover BTL (Buy to let)?  

    I don't think you do see! It makes no difference where your money has come from.
  • Albermarle
    Albermarle Posts: 32,794
    Eighth Anniversary 10,000 Posts Name Dropper
    Forumite
    20122013 said:
    user1977 said:
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
    I see, but will it cover BTL (Buy to let)?  

    The source of the money is irrelevant. If you put money in a NS&I account it is safe regardless of where the money comes from.
  • 20122013
    20122013 Posts: 815
    500 Posts Second Anniversary Name Dropper
    Forumite
    Albermarle said:
    20122013 said:
    user1977 said:
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
    I see, but will it cover BTL (Buy to let)?  

    The source of the money is irrelevant. If you put money in a NS&I account it is safe regardless of where the money comes from.

    "Proceeds from second homes or buy-to-let properties are not covered"
  • user1977
    user1977 Posts: 20,005
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Forumite
    20122013 said:
    Albermarle said:
    20122013 said:
    user1977 said:
    20122013 said:
    NS&I will be my first option but do they cover BTL proceeds, too? 
    National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.
    I see, but will it cover BTL (Buy to let)?  

    The source of the money is irrelevant. If you put money in a NS&I account it is safe regardless of where the money comes from.
    "Proceeds from second homes or buy-to-let properties are not covered"
    That's a comment about banks or building societies covered by FSCS in the event they fail. Like I said above, National Savings is the government, it ain't going to "go bust".
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.8K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture