The Lemon Fool

I am considering buying a home prior to selling mine. My intention was to sell my shares and pay cash for the new property. If I sell my existing house within 3 years I gather I am able to reclaim the excess stamp duty on the second property. So far so good.

My question is: do I really have to open 7 bank accounts to ensure my funds are protected? I gather the previous unlimited protection offered by the Post Office no longer exits.

Make that six, you can park 50000 in premium bonds.

NS&I?

https://www.nsandi.com/get-to-know-us/s ... your-money

FSCS savings protection is up to £1million for 6 months when buying/selling a house.

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

The FSCS does say extra protection is available Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. so I suppose it would relate to your main residence, but we decided not to take the risk.

We opened several savings accounts, plus premium bonds (which can take 6 days to get the money out of if you apply at the end of the month as you need to wait for the next draw!). Remember to keep a record of interest for your tax return(!)

The excess Stamp Duty was repaid within about a week of me applying online - you just need the SDLT reference number from the solicitors when you buy.

Paul

Stompa wrote:NS&I?

https://www.nsandi.com/get-to-know-us/s ... your-money

You can put up to £2,000,000 in the Direct Saver - so unless it's a particularly expensive house, that would seem to cover it. It's instant access online.