Sale of House

[Tilly13]

Hello
Nearly at the point of completion on the sale of my parents house.....a very, very emotional week after months of emptying and sorting through 45 plus years in the old family home !!!!!!!!!

I have asked the Solicitor to split the funds equally between their bank accounts and then I have the huge job of deciding how best to manage and invest their funds.
I've suddenly become worried that there could be taxes to pay that I'm not aware of .............

Can anyone tell me if there is anything I should be aware of - it is such a big responsibility!
Thank you

 

[MaNaAk]

Hello
Nearly at the point of completion on the sale of my parents house.....a very, very emotional week after months of emptying and sorting through 45 plus years in the old family home !!!!!!!!!

I have asked the Solicitor to split the funds equally between their bank accounts and then I have the huge job of deciding how best to manage and invest their funds.
I've suddenly become worried that there could be taxes to pay that I'm not aware of .............

Can anyone tell me if there is anything I should be aware of - it is such a big responsibility!
Thank you

The solicitor should be sorting out the taxes. Are they both in care homes? I'm so sorry I don't know much about your situation but I do know about selling your parents home.

MaNaAk

 

[Tilly13]

Hi @MaNaAk
Yes they are together in the same Care Home .

 

[nitram]

Have you registered your LPA with HMRC?
If not send a certified copy to:
Pay As You Earn and Self Assessment,
HM Revenue and Customs,
BX9 1AS

For investing their funds you could look at options on https://savingschampion.co.uk/best-buys remembering the FSCS £85k limit protection is across all accounts held within the bank/banking group, not per account.
You could mix term, notice, and easy access, the first £1K of interest is tax free limiting usefulness of ISAs.

An exception to the limit is https://www.nsandi.com/products which do not have a limit although rates are not competitive.

 

[MaNaAk]

Have you registered your LPA with HMRC?
If not send a certified copy to:
Pay As You Earn and Self Assessment,
HM Revenue and Customs,
BX9 1AS

For investing their funds you could look at options on https://savingschampion.co.uk/best-buys remembering the FSCS £85k limit protection is across all accounts held within the bank/banking group, not per account.
You could mix term, notice, and easy access, the first £1K of interest is tax free limiting usefulness of ISAs.

An exception to the limit is https://www.nsandi.com/products which do not have a limit although rates are not competitive.

Nitram is giving very good advice here but first you need to register that POA.

 

[jugglingmum]

There won't be any tax to pay on the sale (I'm assuming your parents went st to the care home and spotted on another thread your dad has been there 7 months)

Splitting the money equally is the correct thing to do.

Nitram has given advice about splitting funds

 

[Lynmax]

I suggest that you use the services of an Independent Financial Advisor to invest the money, you will have to pay for their services but it will be worth it in the long term if there are large amount of money to invest. The advisor will help you consider short term and long term funds, as well as explain about likely gains and losses.

I used an Adviser to help me plan for retirement as I had several pension funds and savings accounts from having different jobs. I will be asking him to help me invest the money I will receive from my mum once probate and the sale of her house is sorted.

 

[nitram]

@Tilly13

I suggest that you use the services of an Independent Financial Advisor to invest the money

Note that an IFA may suggest discretionary funds which are not allowed when acting using an LPA.

 

[Tilly13]

Thanks for all your helpful replies
I have POA and it is registered with HMRC

My husband has used a Financial Advisor and so will get an appointment with him for advice - just feels like such a big responsibility when not your money and I know it has to last as long as possible so don't want to take risks.
Thanks again

 

[Saltea]

Hi All, New User here & please forgive me for going completely off thread. Nitram & jugglingmum, I found a post of yours earlier about how to contact HMRC re LPOA details. You very kindly supplied the correct phone No & contact address. I wanted to say a HUGE thank you for your help & to reassure others the phone No & address ARE still valid. Just done covering letter & original Certified Copy ready to go off. Apparently all docs are returned. Found myself last remaining LPOA after sudden death of our Dad 3yr ago ? Grateful to you all.