Lump sum from will

DRS1

OK That keeps things simple. As long as you understand you may be paying more tax than you need to.

Robert7578

How do I get 300 k transfered to an NS&I garenteed income bond ? , this money is now with the executor of the will and I only have a basic current account,

Do I apply for the bond now and get the money transfered when I can arrange that ?

Does the money need to be in my bank account before i apply for the bond ?

Will my bank allow 300k to be transfered in and out of my current account ?

DRS1

Banks do have daily limits on what you can transfer out of you account. Sometimes it is £20k. But it can get confusing. Santander did explain to me that their limit is £25k but you could do that level of transfer up to 4 times in a day so you might be able to transfer £100k in a day.

You had best talk to your bank about what you want to do - if nothing else you don't want them getting worried about what you might be doing with that much money.

I am not sure about NS&I but some savings institutions like to see the money come from your bank account (not someone else's).

MEM62

 I don't want to invest it or play risky games with it I just want to get maximum interest on it for the time being until I decide what to do with it. 

You should realise that leaving it in cash is a risk in itself. With that sum take some proper advice from an IFA. Your future self will be very glad that you did.

xylophone

https://forums.moneysavingexpert.com/discussion/6216162/chaps-payment-to-ns-i-income-bond

Why not open the account with NS and I now so as to get a reference number for your account? It could then be possible to arrange a CHAPS/bank transfer payment to NS&I?

https://www.nsandi.com/help/manage-your-savings/top-up-savings

You say there is no branch of your bank locally but is there one within easy travelling distance?

Recently, when I was going to receive a large sum, I did call in at Santander to query any possible problem and was told there would be no problem about the funds being accepted in my bank account, particularly as it was from a solicitor's account.

subjecttocontract

What I do with NS&I is pay money into my NS&I Direct Saver from various bank accounts, then when I have enough funds in there it's easy to transfer the money into an NS&I bond in one larger amount.

Section62

https://forums.moneysavingexpert.com/discussion/comment/81714150#Comment_81714150

Also note that "building" - which many people would consider to be something bricks-and-mortar - isn't the only problem.

Something many people regard as 'temporary' - such as a shepherd's hut - will probably need planning consent (which may be unlikely to be given) if the council regard the use of it to be residential.

Buying land (including woodland) is inherently risky if you have a particular use in mind for the land, and that use requires planning consent.

Robert7578

https://forums.moneysavingexpert.com/discussion/comment/81948634#Comment_81948634

But whatever happens with the use you planned for, the land still holds its value so is an investment not a loss ?

A movable structure like a sheperds hut can remain on the woodland but is restricted to occupation 28 nights per year .

Section62

https://forums.moneysavingexpert.com/discussion/comment/81949744#Comment_81949744

But whatever happens with the use you planned for, the land still holds its value so is an investment not a loss ?

Land is only worth what someone else will pay you for it. If you buy land on the basis both you and the vendor believe there is some development value then (unless the vendor has been very charitable) the price paid for the land will be greater than the value if it later becomes clear that the development will never be allowed.

Woodland might also have a value for the shooting rights, and possibly for the timber. The value of the shooting rights limits the use of the land for other purposes, as do the beliefs of the landowner. If you buy woodland as a nature retreat and wouldn't allow someone else to shoot on it, then the land can lose the value of the shooting rights. The value of the timber also comes with risk. If it is managed or planted woodland then there may be a value to the timber, but the sale price of the land would usually reflect the value of the harvestable timber proportional to how long before it will be ready to harvest (i.e. you'll pay a premium for the land related to the current value of the crop). Non-managed woodland may have zero timber value, and possibly be subject to the cost burden of safely managing trees.

The value of woodland may also vary according to any subsidies or tax breaks which may be applicable. If there is a tax benefit from owning woodland then the value is likely to be elevated. If the tax benefit is reduced or removed (something outside the land owner's control) then the elevated value could be lost.

Owning woodland is an investment - but investment comes with risks.

A movable structure like a sheperds hut can remain on the woodland but is restricted to occupation 28 nights per year.

That sounds like it is based on Class 4 Part B Permitted Development. PD is a form of planning consent. It is also restricted in various ways, including the possibility of the local planning authority removing the relevant PD rights.

The council would probably view the 'use' being the siting of the structure on the land - and therefore it could only be left on the woodland for that period of time, not all year round. 'Occupation' of the hut, even if limited to the allowed number of days, may be regarded as residential use. This is a complicated area of planning law - with multiple types of restriction depending on the specifics of what is being done and the status of the land. It can engage (planning) law on forestry and caravans/camping. Councils tend to be alert to people making 'temporary' use of land as a means of getting permanent residential rights. If you were thinking of buying the land with a view to 'stay' on it for up to 28 nights per year then you ought to get expert planning advice on the specific land, prior to committing to buy it.

DRS1

There was (is) a company called Ediston Property Investment Company (EPIC) which I think is or was a REIT. That had a portfolio of properties and a bit of woodland. It decided to wind itself up and sold the portfolio of properties maybe 2 or 3 years ago. As far as I am aware it has still not managed to sell the woodland.

ETA Sorry I got the company wrong. It wasn't Ediston it was Aberdeen Property Investment Trust. And that is still listed so it presumably still has a forest for sale if anyone is interested.