Property News · July 4, 2022

Will my home sale proceeds be protected in my bank account?


Conveyancer will only deposit funds into one account and I may need time to divvy it up elsewhereQ I wonder if you can help me. I will shortly receive the proceeds from the sale of a second home and am concerned that the funds will not be protected when they reach my bank account. The conveyancer will only deposit the funds in one account and it may take time to divvy up and send the money to different accounts. Could you offer any advice please?DBA If the sale proceeds are more than £85,000, the amount over that limit will not be covered by the Financial Services Compensation Scheme (FSCS), which protects deposits held in a bank, building society or credit union account should the financial institution go under. However, if the proceeds had come from the sale of your main residence, you would have got the benefit of the protection of what the FSCS calls “temporary high balances”. This extends FSCS protection to up to £1m for six months and it applies not only to money from the sale of a home but also to other life events that can create large sums such as a payout for voluntary or compulsory redundancy, a divorce settlement or an inheritance, among others. Continue reading…

Source : theguardian.com
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