House sold, off travelling, where to park 700K
Discussion
Morning all,
A few questions which I believe should be in finance.
I’ve setup a new profile so it’s not linked to my real one!
We have sold our house - should complete in the next couple of months all been well - no chain.
Once we pay off the mortgage we should be left with around 700K, maybe a bit more depending on what cars also get sold with the view of going travelling for 6 months initially while I’ll little boy doesn’t need to worry about school for a couple of years.
I expect we will come back to the UK and buy somewhere new but no set firm plans.
Both my wife and I are self employed by our limited companies but won’t really work while away. The businesses will both have funds to continue to pay a modest salary although we will earn from the interest as well.
How do we get on when we have no set UK address with banks.
Do we still get the standard level of protection from UK banks.
I also need to open a few more accounts while I have an address.
I’ve a meeting with our accountants next week to run through some ideas too.
On the car theme, do I leave everything registered to the current address? A couple of cars will go into long term storage.
Anything else I need to consider?
Cheers Andy
A few questions which I believe should be in finance.
I’ve setup a new profile so it’s not linked to my real one!
We have sold our house - should complete in the next couple of months all been well - no chain.
Once we pay off the mortgage we should be left with around 700K, maybe a bit more depending on what cars also get sold with the view of going travelling for 6 months initially while I’ll little boy doesn’t need to worry about school for a couple of years.
I expect we will come back to the UK and buy somewhere new but no set firm plans.
Both my wife and I are self employed by our limited companies but won’t really work while away. The businesses will both have funds to continue to pay a modest salary although we will earn from the interest as well.
How do we get on when we have no set UK address with banks.
Do we still get the standard level of protection from UK banks.
I also need to open a few more accounts while I have an address.
I’ve a meeting with our accountants next week to run through some ideas too.
On the car theme, do I leave everything registered to the current address? A couple of cars will go into long term storage.
Anything else I need to consider?
Cheers Andy
I have just been 'bank address' for my son while he travelled for the year. I opened things and messaged him anything he needed to know / photos of letters etc. It worked really well. He could access his bank from elsewhere in the world online to action anything. It worked really well.
In a similar vein, my ex wife is of no fixed abode after the sale of the marital home and whilst she waits for her new place to be ready (new build).
Suddenly you appear to be a second class citizen despite having a decent wedge of cash.
I bought her a car, with her money, but had to insure it as if it lives at mine as well as the V5.
I bet that ain't strictly legal but what are you supposed to do?
Suddenly you appear to be a second class citizen despite having a decent wedge of cash.
I bought her a car, with her money, but had to insure it as if it lives at mine as well as the V5.
I bet that ain't strictly legal but what are you supposed to do?
croyde said:
In a similar vein, my ex wife is of no fixed abode after the sale of the marital home and whilst she waits for her new place to be ready (new build).
Suddenly you appear to be a second class citizen despite having a decent wedge of cash.
I bought her a car, with her money, but had to insure it as if it lives at mine as well as the V5.
I bet that ain't strictly legal but what are you supposed to do?
This the same woman who’s made your life hell for several years? Blimey. Suddenly you appear to be a second class citizen despite having a decent wedge of cash.
I bought her a car, with her money, but had to insure it as if it lives at mine as well as the V5.
I bet that ain't strictly legal but what are you supposed to do?
Definitely keep a UK address if you can, ideally a family member that's happy to do it.
As for parking the cash, you have lots of options but certainly look to max out the UK protected stuff like Premium Bonds and similar.
Ref cars, I'd be thinking very seriously about selling everything before going abroad for an extended period and not having to think about storage, maintenance, insurance and so on. You can readily replace everything when you come back and will start using them.
As for parking the cash, you have lots of options but certainly look to max out the UK protected stuff like Premium Bonds and similar.
Ref cars, I'd be thinking very seriously about selling everything before going abroad for an extended period and not having to think about storage, maintenance, insurance and so on. You can readily replace everything when you come back and will start using them.
Congratulations on being able to realise your ambitions, I hope your travels go well.
I am doing something similar but rather than being in the planning stage I’m several years into my journey. I think 6 months will go very quickly and will be over before you know it so financial flexibility would be important for me. For day to day stuff I have a Chase account plus their savings account gives me around 4.85%. The app works well, the card has been accepted everywhere I’ve been and I’ve had no security issues. I’ve then utilised S&S ISAs and instant access savings accounts from a variety of U.K. providers. I would not consider tying money up long term if I need it post travels.
I sold my cars but if I was only going away for 6 months I wouldn’t have sold them. I didn’t have any classic cars but if I did, I would’ve kept them, especially for a 6 month trip.
I hope your trip goes well and you all have a fabulous time. I’ll keep a lookout for a thread on it.
I am doing something similar but rather than being in the planning stage I’m several years into my journey. I think 6 months will go very quickly and will be over before you know it so financial flexibility would be important for me. For day to day stuff I have a Chase account plus their savings account gives me around 4.85%. The app works well, the card has been accepted everywhere I’ve been and I’ve had no security issues. I’ve then utilised S&S ISAs and instant access savings accounts from a variety of U.K. providers. I would not consider tying money up long term if I need it post travels.
I sold my cars but if I was only going away for 6 months I wouldn’t have sold them. I didn’t have any classic cars but if I did, I would’ve kept them, especially for a 6 month trip.
I hope your trip goes well and you all have a fabulous time. I’ll keep a lookout for a thread on it.
Firstly good luck on your travels and hope you all have a great time.
I would definitely be maintaining at least one UK bank account during that time - 6 months isn’t forever.
If you are keeping some cars in storage obviously make sure Insurance is maintained either by the storage place or by you - this may be tricky without a UK address but not insurmountable especially if you use a relative to act for you and of course the cars won’t be anywhere other than the storage address or driven.
6 months as already stated you can get 100% protection but you could also put the whole lot with NS&I now and be 100% protected anyway.
Obviously interest rates / returns this way may well be lower than splitting the proceeds into various pots including fixed rate bonds or indeed into Equities.
I would definitely be maintaining at least one UK bank account during that time - 6 months isn’t forever.
If you are keeping some cars in storage obviously make sure Insurance is maintained either by the storage place or by you - this may be tricky without a UK address but not insurmountable especially if you use a relative to act for you and of course the cars won’t be anywhere other than the storage address or driven.
6 months as already stated you can get 100% protection but you could also put the whole lot with NS&I now and be 100% protected anyway.
Obviously interest rates / returns this way may well be lower than splitting the proceeds into various pots including fixed rate bonds or indeed into Equities.
I'd be tempted to "invest" my money in a property then rent it while away, even if it was a holiday let to avoid ending tenancy issues and I got an agent to handle the turnarounds etc. at a painful percentage of income. It keeps a toe in the market and gives you an emergency house if something goes drastically wrong to return to.
Can't advise on investment, but diversify I'd mirror from above, and I'd certainly want my capital in safe places, so bank accounts etc. rather than stocks and shares.
Car wise I can probably advise better on. Stash what you can with friends and family, it will cost you a favour or 2 but be free. The rest unless your friends with a farmer will cost to store, sell anything your not hugely attached to, even if you believe it will increase in value, it probably won't outpace the storage cost. Whatever you do store, choose somewhere trustworthy, big shiny places look impressive, but if they go bust that's a worry, better somewhere that's secure and less flashy.
Can't advise on investment, but diversify I'd mirror from above, and I'd certainly want my capital in safe places, so bank accounts etc. rather than stocks and shares.
Car wise I can probably advise better on. Stash what you can with friends and family, it will cost you a favour or 2 but be free. The rest unless your friends with a farmer will cost to store, sell anything your not hugely attached to, even if you believe it will increase in value, it probably won't outpace the storage cost. Whatever you do store, choose somewhere trustworthy, big shiny places look impressive, but if they go bust that's a worry, better somewhere that's secure and less flashy.
Again thanks for the input all.
The plan will be to spread the funds a little over a few accounts including some NS&I bonds.
I’ve already a few shares and consider them more of a high risk gamble.
No interest in buying a rental property at the moment, I can always rent or AirBnB if we are desperate to come back for any reason.
We may travel for longer, I’ve built (well in the process with a new deadline!) a new campervan to travel some of Europe and visit friends there. The plan is to head towards Asia direction initially as we have been that way before. Our little boy is only 2 so plenty of time to explore before we need to consider been a bit more fixed on a location.
A couple of the cars will have to go into a proper storage facility and be insured correctly which I am sure is achievable.
I do have access to a farm unit where a couple of the classic low value cars can go, more sentimental than valuable.
I never gave any thought to a storage facility going bump so that’s worth considering. What’s the risk on a car storage facility going bump and a risk of not getting your car back - any different to SOR with a dealer?
Change address on things like driving license of just leave them in the old address?
The plan will be to spread the funds a little over a few accounts including some NS&I bonds.
I’ve already a few shares and consider them more of a high risk gamble.
No interest in buying a rental property at the moment, I can always rent or AirBnB if we are desperate to come back for any reason.
We may travel for longer, I’ve built (well in the process with a new deadline!) a new campervan to travel some of Europe and visit friends there. The plan is to head towards Asia direction initially as we have been that way before. Our little boy is only 2 so plenty of time to explore before we need to consider been a bit more fixed on a location.
A couple of the cars will have to go into a proper storage facility and be insured correctly which I am sure is achievable.
I do have access to a farm unit where a couple of the classic low value cars can go, more sentimental than valuable.
I never gave any thought to a storage facility going bump so that’s worth considering. What’s the risk on a car storage facility going bump and a risk of not getting your car back - any different to SOR with a dealer?
Change address on things like driving license of just leave them in the old address?
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