Well!! Imagine that!
I don't really know enough about your personal circumstances to comment if I think its a good idea or not..
The first most important consideration is an adequate renewable monthly income,which I`m sure you will have made provision for.
My advice is to live here for a year or even two to make sure that the Philippines is really for you before deciding to invest even small portions of the proceeds of your house sale.
Take your time and enjoy finding out.
I would advise keeping a large chunk of readily available cash in an easily accessible bank account to keep you both safe in regards Medical emergencies etc etc etc etc! But I`m sure you knew that.

Best to apply for your 13a visa in the UK.. Try to start that process ASAP as it can take a while collecting all of the requirements.. There are some comprehensive threads about this on the forum.

Congratulations!!
Welcome to our paradise club.