{"id":127538,"date":"2022-07-04T13:00:35","date_gmt":"2022-07-04T06:00:35","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-my-home-sale-proceeds-be-protected-in-my-bank-account\/"},"modified":"2022-07-04T13:08:46","modified_gmt":"2022-07-04T06:08:46","slug":"will-my-home-sale-proceeds-be-protected-in-my-bank-account","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-my-home-sale-proceeds-be-protected-in-my-bank-account\/","title":{"rendered":"Will my home sale proceeds be protected in my bank account?"},"content":{"rendered":"


\nConveyancer 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 \u00a385,000, 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 \u201ctemporary high balances\u201d. This extends FSCS protection to up to \u00a31m 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…
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\nSource : theguardian.com
\nRead more…Will my home sale proceeds be protected in my bank account?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Conveyancer will only deposit funds into one account and I may need time to divvy...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-127538","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-xb4","jetpack-related-posts":[{"id":47283,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-it-safe-to-pay-full-cash-amount-for-house-price-in-conveyancers-account\/","url_meta":{"origin":127538,"position":0},"title":"Is it safe to pay full cash amount for house price in conveyancer's account?","date":"March 9, 2017","format":false,"excerpt":"\r We are buying a home for \u00a3305,000 in cash and want to know if it would be better to pay directly to the seller\u2019s solicitorQ We are using a conveyancer to do our legal work when we buy a house for \u00a3305,000 in cash, but are concerned about the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109012,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-paid-our-deposit-but-the-sellers-are-not-ready-to-exchange\/","url_meta":{"origin":127538,"position":1},"title":"We paid our deposit but the sellers are not ready to exchange","date":"July 15, 2019","format":false,"excerpt":"\r Should we be worried that our conveyancer has our money even though we can\u2019t yet proceed?Q I am writing to request your advice regarding the time difference between payment of our deposit and the exchange of contracts. 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