matt.bowey

The sale of my flat has just released some serious cash, now wot to do..........?

1) Pay it off new mortgage...........but that only reduces my payments by 12%. I know its the most sensibel, but i can easily afford the morrtgage!
2) Build extension on new house..............but we dont need one yet??
3) Buy a WRX Sti.......!
or 4) but a summer car (eg elise)..........?

The missus aint to keen on 3) or 4), but who cares..........i'll buy when shes at work!!

So what would YOU do.........?!?!?

ProperCharlie

use 15k towards paying off mortgage and buy a 18 month old STi for £15k

milo

spend half wisely and squander half.

so that's some really good drugs, and the rest squandered on paying off some of the mortgage

Spoon

If it wasn't your primary residence then remember your CGT, if it applies, before you go spending it.

If you don't need it immediately then personally I'd have a shot at Premium Bonds, who knows it might just be your turn for the million?

Failing that, use it as a deposit for a pad in Florida.

workshy_fopp

I'd put it all in Premium Bonds tomorrow while you think about it.
Then I'd go 20k on a deposit for a buy to let flat and 10k on fun.

J4CKO

iTrader: (1)

You need to pay it towards your mortgage with the rates being on the way up, I however dont have a mortgage so I could spend it on the luxury items you describe.

fast bloke

deposit on one or two BTL's

Tiggs

if you regard £30k as "serious cash" then spending it on cars when you have a mortgage is stupid.

gareth123

Totally agree with the above. Chuck it at your mortgage. When you have no mortgage you can consider rapidly depreciating cars.

Madjay2

get a really ****ing beast Hi-Fi

imlach

If he'd wanted to do that, surely he'd have been better looking into renting out the flat he'd just sold

IWatkins

£20k off the mortage, £10k into premium bonds or just leave in a savings account for a rainy day. (That is my missus talking).

£20k off the mortage and £10k on a Westfield = compromise

ALi-B

iTrader: (1)

when asked what would I do - I'd say "not tell the G/F"

£2-3K on some new Hi-Fi
Sell scoob for a 993 Turbo + £12
£10K on the mortgage
£5K for a rainy day

pslewis

The whole £30k into Premium Bonds .... then come back and ask us what you should do with your £1Million winnings!

But, seriously, you 'should' get about £700 back (2.5% 'ish) in winnings PLUS the chance of a BIG one!

Its a no brainer really, sensible money goes off the mortgage, stupid money buys a STi, mildly sensible buys Premium Bonds - GAMBLE MAN!!

Pete

milo

wow, a "chance" of a 2.5% return? where do i sign up?!

fast bloke

Maybe needed to sell the flat to get a deposit for new house with 30k left over? Maybe flat is in a 'bad' renting area? You tell me - you seem to have it sussed already

wez_sti

you must be a rich ****er then...

weapon69

lol i'm not rich but 30K is nothing nowadays.

hoskib

iTrader: (1)

agree, but it's still way more than i earn in a year

premium bonds isn't a bad idea, but it's got me bugger all in 2 years.
okay i only put a few hundred in, but not a sniff yet.

oh well, gotta be in it to win it i guess!

salsa-king

£30k deposit/or buy a cheap flat again..second property.. rent it out.. make money on it... use the reent for what you want.

Old_Fart

The odds of winning on a single premium bond is 30,000 to 1. Putting a few hundred quid in is pretty pointless I'm afraid unless you look at it as a long term investment...you will return 2.5% on it, but it could take years.
Remeber you lose the first 2 months or so of interest/winning opportunity when you start them up..so not a great short term bet.
I say you should buy a Ferrari 328
Cman

Kyl3cook

Fly to vegas and put it all on red

matt.bowey

The flat I have just sold is prime for rental. The trouble is, with all the interest rate hikes, the clear profit has dwindled from £200 per month to less than £100 per month. its not going to be long b4 its a liability!!

I know its a bad decision to sell & i'm kicking myself for doing so, but the margin is just not there anymore!

Hmmmmm, premium bonds sound interesting!!

Although, I fancy spending £12k on a lotus for the summer months, then sell in a couple of years for say £8k. Could be fun...........!

I've checked the CGT with my accountant and i'm in the clear as nobody has every rented it from me!

pslewis

You do not escape from CGT just because you haven't rented it!

You have to pay 40% on any profit over your CGT limit - subject to some taper relief (possibly!) - I would get a new accountant!

You are lucky to have jumped out of property - its about to collapse!

Pete

imlach

Depends on his setup.
Was it his primary residence before he got his new one? May still be his primary residence (ie, only house he owns - his partner/wife/whoever may own their new house - in which case, his flat could still be his primary residence - so long as he didn't mind a bit of a white lie in saying he still stayed there).

For example, if it was his secondary residence for the last 6 months, but he's owned it for 10 years, he'd only have to pay CGT on the last 6 month's gain (the taxman has to work that bit out). Doesn't matter if it was rented or not, as you said.

matt85

If i had 30k to spunk i think i would go to my local Beaverbrooks Jewellers and ask for the 50-Cent look.

Its always been an ambition of mine to look like a bad assed ghetto pimp.

Trucker Ted

Put a deposit on a couple of nice houses in a good area that are still being built,then before you have to cough up the full amount sell them on for a tidy profit.

CKY2K

Deposit for a house and maybe a bit for a holiday to Japan

matt.bowey

"You will not have to pay CGT when you dispose of your home if all the following conditions are met.

Throughout the period that you owned it, it was your only home.
You did actually use it as your home all the time that you owned it.
Throughout the period that you owned it, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger.
The house and garden do not exceed 5,000 square metres (about one and a quarter acres - roughly the size of a football pitch).
Even if not all of these conditions are met, you may still be entitled to relief against all or part of the gain. "

so i will complete on the flat sale & house purchase on the same day!! phew...........!

Matt.

roybadcock

Buy 30K worth of lucky dip lottery tickets, you are bound to win a million with one of those lines!!! WEll I would like to think you would gain more than 30K!

On a serious note you could split it 50/50. Best of both worlds then!