UK HOUSE SOLD ? advice on putting the money please

[mercman24]

Hi well i am not the first to have sold my house in the uk so i hope for some good answers, (please no sillies like "give it to me" he he) about £160 thou, i am here on a retirement visa ? (ok)? so how do i go about saving my hard earned money, i have been told no chance of an ISA, although i have a uk address and 2 halifax accounts. NEXT ! i have got some premium bonds (was thinking about maxing that out) but once again the old chestnut "i am not a uk resident" rears its head. (well they dont know i live here, i have my sisters address for the uk). i dont want any 5 year plans etc, any advice appreciated, (never thought i would have too much money ) lol. i dont fancy having 130 grand sitting in a Halifax account , thanks in advance KC

[lopburi3]

Are you asking about a party venue in Bangkok or would this be better in the banking/investments section? Moderator could move there for you - expect more offshore advise would be available there.

[mercman24]

sorry you totally lost me "party venue" ??, i was asking about advice about where best to keep my money in the uk not offshore thanks anyway

[Walter Travolta]

My cash from my house sale is in my mothers bank account in England. I have 2 bank accounts of my own which have minimal amounts in to keep them open, but if I have a problem with the bank accounts, like the Northern Rock fiasco back in 2008, I would be struggling to queue up to grab my savings sat here in LoS!!

If there is a problem in the banking industry in UK again that happens to affect my mothers account, at least she is there and can physically go to the branch to sort out any issues.

If/when I will need money wiring here from UK, I will register with a company called Currency Index who charge £12 for any amount up to £30k and no charge above £30k

I like to know my money is in the safest place it can be, I realise my own bank account is 'safer' than my mothers but as I say, if I have any problems with either of my personal accounts, it is not like I can call them and sort any problems out. I would think I would need to fly back

[Timnic]

Are you asking about a party venue in Bangkok or would this be better in the banking/investments section? Moderator could move there for you - expect more offshore advise would be available there.

And some fell on stoney ground.....

[lopburi3]

You posted in an area dedicated to Bangkok - not the UK - so was offhand reference to that would make for some great party in Bangkok.

As for offshore this is a Thailand forum so UK is offshore from here.

All in how you look at it.

[robertthebruce]

I personally would not of sold the house, i would of rented it out, and Sold it when i really did need the money..

But thats me...

[berybert]

I personally would not of sold the house, i would of rented it out, and Sold it when i really did need the money..

But thats me...

Me too. The only way to make decent money on money in the UK is to buy a property and rent it out. This is what I have been doing for the last 19 months and have been getting a far better return than I would have if the money was sat in the bank.

[mercman24]

yes a very good idea,but the house needs money throwing at it, the outcome being all my savings gone, living like a hermit here, as then only my pension and a measly £500 a month rent.or £160,000 in my pocket a no brainer realy, i was thinking on the lines of buying a flat and renting, i maybe have to go back to the uk for 1 month , thanks to all , and to a previous poster i know all about the transfer of monies and no way am i putting £160 grand in my daughters acount he he, just leave it in the Halifax i suppose untill i can get sorted, the reason i posted on the Thailand forum was hopefully to catch the eye of someone who lives here and has experienced it ok sorry if anyone thought it was the wrong place. i would think more people would see it here as "mainstream" rather than tucked away in "banking etc"

[rayongchelsea]

I personally would not of sold the house, i would of rented it out, and Sold it when i really did need the money..

But thats me...

I agree never sell anything until you know what you will do with it. Rental yield net of expenses even if only 3-4% would have been the way to go. But that depends on getting a good agent etc..

I think I would put some the money into dividend stocks..like BP...5.5% yield.( before taxes).

Also keep some very liquid , if the exchange rate becomes more favorable.

Spend some to make your life more comfortable.

Good luck..

[berybert]

yes a very good idea,but the house needs money throwing at it, the outcome being all my savings gone, living like a hermit here, as then only my pension and a measly £500 a month rent.or £160,000 in my pocket a no brainer realy, i was thinking on the lines of buying a flat and renting, i maybe have to go back to the uk for 1 month , thanks to all , and to a previous poster i know all about the transfer of monies and no way am i putting £160 grand in my daughters acount he he, just leave it in the Halifax i suppose untill i can get sorted, the reason i posted on the Thailand forum was hopefully to catch the eye of someone who lives here and has experienced it ok sorry if anyone thought it was the wrong place. i would think more people would see it here as "mainstream" rather than tucked away in "banking etc"

I would buy a flat and rent that out if I were you. You then have the rent money coming in and also an asset that will get bigger the longer you own it.

There is very little point in keeping 160 grand in the bank.

[petertucker48]

Hi,

Would recommend purchasing Flat/Condo/Apartment for £80,000 (to rent out at say £400 pm) but also because it means you have a place to return to if necessary.

£40,000 in say 3/4 investment Funds (FriendsLife ?? No I don't work for them) but look at leaving in for at lease 5 years ,you can withdraw if necessary but you may loose a bit.

The rest leave in UK and draw when Baht/Pound is good for you.

Rent here in Thailand until you decide to stay permanently but be aware if you buy/build a house they are virtually impossible to sell here in Thailand unlike the UK.

GOOD LUCK !!!

[mercman24]

thanks for the reply flats in my area are £115,00 plus (2 bed, no one wants 1 bed round here ), i would get a retiurn of about £500 a month, as to keeping the house advice was good but you were not aware of the situation, the house is empty, needs modernising.. bought 15 years ago for 25 grand so not a bad return 160 grand. yes i rent a great condo in Phra khanong, for 15,000 baht .(17,000 all bills payed) i would never ever buy at my age. my flat in the uk cost me 27,000 baht, excluding all the bills, but advice taken on board thanks -- KC

Edited May 2, 2015 by mercman24

[rocketboybkk]

My cash from my house sale is in my mothers bank account in England. I have 2 bank accounts of my own which have minimal amounts in to keep them open, but if I have a problem with the bank accounts, like the Northern Rock fiasco back in 2008, I would be struggling to queue up to grab my savings sat here in LoS!!

If there is a problem in the banking industry in UK again that happens to affect my mothers account, at least she is there and can physically go to the branch to sort out any issues.

If/when I will need money wiring here from UK, I will register with a company called Currency Index who charge £12 for any amount up to £30k and no charge above £30k

I like to know my money is in the safest place it can be, I realise my own bank account is 'safer' than my mothers but as I say, if I have any problems with either of my personal accounts, it is not like I can call them and sort any problems out. I would think I would need to fly back

Your money up to £85k is safe if things go belly up.

Are you expecting your mum to queue up with thousands of others & try to get your cash out?

To the op. Invest wisely & safely unless your a gambler and don't mind losing it then play the stock markets.

Me, I'm no gambler, money in property rented out, savings in bank, premium bonds.

Don't put all your eggs in one basket.

Sent from my iPhone using Tapatalk

[rocketboybkk]

thanks for the reply flats in my area are £115,00 plus (2 bed, no one wants 1 bed round here ), i would get a retiurn of about £500 a month, as to keeping the house advice was good but you were not aware of the situation, the house is empty, needs modernising.. bought 15 years ago for 25 grand so not a bad return 160 grand. yes i rent a great condo in Phra khanong, for 15,000 baht .(17,000 all bills payed) i would never ever buy at my age. my flat in the uk cost me 27,000 baht, excluding all the bills, but advice taken on board thanks -- KC

Council right to buy? Great investment.

My mum bought her house in 98 after my dad died. £32k. They're now selling at £300k.

Property is the way to go. Bricks & mortar but you're money is tied up & not that liquid.

Sent from my iPhone using Tapatalk

[fey]

Dont let it goto your head. Your just an accident away from being broke with that amount.

[mercman24]

no never been stupid with money, wont be buying a lady a house here any time soon, lol, i was told (not officially) that i could not top up my prem bonds or get an ISA as i would be classed as a non-uk resident, any thoughts on this please, i do have a uk address, where mail is sent to, ? do they know where i live ?? Halifax might be suspicious as i send money from my current account to Thailand ??? thanks

[dave2]

re

NEXT ! i have got some premium bonds (was thinking about maxing that out) but once again the old chestnut "i am not a uk resident" rears its head

when they changed the amount you could hold to was it 40 thousand quid about a year ago ?

didn't they change the rules about overseas brits being able to buy bonds in their own name ?.... just asking

dave2

ps ... I sold my house ten years ago just the same as the op

and invested the lot in premium bonds in family members and friends names and was the best thing I ever did

pic .. doi suthep in chiang mai 15 minits ago !

[JB300]

no never been stupid with money, wont be buying a lady a house here any time soon, lol, i was told (not officially) that i could not top up my prem bonds or get an ISA as i would be classed as a non-uk resident, any thoughts on this please, i do have a uk address, where mail is sent to, ? do they know where i live ?? Halifax might be suspicious as i send money from my current account to Thailand ??? thanks

Correct, you cannot add additional funds into an ISA if you're a non-UK resident for tax purposes.

Whether you choose to ignore this or not is up to you, personally I "Follow the Rules" even though my ISA Provider writes to me every year encouraging me to top-up... Including the disclaimer in the small print that says I can't :|

[mercman24]

reply to DAVE 2, hell dave so you put thousands of pounds in a friends name, wonder what would happen if the "biggy" comes up, are they on a %, well i wouldnt contemplate putting 30 grand in my daughters name, as she is always pleading poverty but has 3 horses. ;lol how would you come off as the bonds would be in their name,, you have no rights,, just askin !!

[Walter Travolta]

My cash from my house sale is in my mothers bank account in England. I have 2 bank accounts of my own which have minimal amounts in to keep them open, but if I have a problem with the bank accounts, like the Northern Rock fiasco back in 2008, I would be struggling to queue up to grab my savings sat here in LoS!!

If there is a problem in the banking industry in UK again that happens to affect my mothers account, at least she is there and can physically go to the branch to sort out any issues.

If/when I will need money wiring here from UK, I will register with a company called Currency Index who charge £12 for any amount up to £30k and no charge above £30k

I like to know my money is in the safest place it can be, I realise my own bank account is 'safer' than my mothers but as I say, if I have any problems with either of my personal accounts, it is not like I can call them and sort any problems out. I would think I would need to fly back

Your money up to £85k is safe if things go belly up.

Are you expecting your mum to queue up with thousands of others & try to get your cash out?

Seems my money is safe based on what you wrote so that said, she would not need to queue up.

[meatboy]

when we sold our house 3yrs.ago uk.i put it in the safest place i knew.the WIFE has it.

but we have put it in fixed term.accs.here earning 4% to 2.70% so its eaned us a few bob this past,tax free.

and its as safe as anywhere.at the moment rates are low,but thailand is better than the uk.and its on our doorstep if we need it.[sorry the wifes] doorstep.

[lopburi3]

There is tax removed from interest on fixed deposits here in Thailand so suspect your wife can obtain refund rather than it being tax free.

[mercman24]

CLASSIC "the "WIFE" has it, so in other words you have nothing. i dont have a wife dont intend to either. ok the rates in Thailand may be better but if/when i croak it, i have read stories of uk relatives having many problems getting monies returned to the UK. just one such case recently must have been going on for 18 months and most of the capital has gone the way of solicitors etc. i will just keep about 1 million in BKK and enjoy it he he. but thanks to all for the ideas once again

[steven100]

Find yourself a nice honest thai girl somewhere down near Nana ..... get one that has never had a farang b/f before and she tells you that your the only one.

Then look for a nice bar to buy with a few pool tables and plenty of friends.

You'll think your in heaven ....

[mercman24]

wow i had to wait until post 25, thai visa is slipping,i kid you not i have a lady from soi 4 with me at this very moment.we are out looking at bars tomorow lol.

[meatboy]

There is tax removed from interest on fixed deposits here in Thailand so suspect your wife can obtain refund rather than it being tax free.

yep lop.when i say tax free,we do get it back at the start of the next tax yr.op has to go along to the tax office and register they will do the rest.

[meatboy]

wow i had to wait until post 25, thai visa is slipping,i kid you not i have a lady from soi 4 with me at this very moment.we are out looking at bars tomorow lol.

[steven100]

wow i had to wait until post 25, thai visa is slipping,i kid you not i have a lady from soi 4 with me at this very moment.we are out looking at bars tomorow lol.

did you have any success .. ?

[mercman24]

i woke up this morning feeling rather dizzy and it would appear that she now owns my condo, <deleted>.