buy to let Property

[Deleted User]

thekid308 wrote: »

The point I'm trying to make - there is no capital in these properties. If I were to sell them I would not be able to cover the mortgages. The rental is covering the costs and expenses now the rates are lower.

I want to know why only the value is taken into account and not the value less mortgage?

Could it be that the mortgages are seen as debts and the social dont make payments to cover any debts,they only help with payments on a mortgage on your home,not investments,they are rightly then seen as assets

Oldernotwiser

woodbine wrote: »

Could it be that the mortgages are seen as debts and the social dont make payments to cover any debts,they only help with payments on a mortgage on your home,not investments,they are rightly then seen as assets

Exactly what I said, twenty posts ago!

real1314

thekid308 wrote: »

Jobs and Benefits are the Social Secuirty Agency in Northern Ireland.

Basically I have my own home. I also have 3 Rental properties which are valued in arounf £100k with mortgages of the same, now in breakeven or negative equity.

I cannot claim Job seekers as I have savings of £16k or more. When I asked about this savings figure I was told they take into account the value of the properties and do not include the mortgage.

To me this is totally wrong but seemily it is the legislation. I don't know where to find out more.

Well, under the rest of the UK that would be wrong. it's not that they would not consider any payments toward the mortgages as others are drifting towards (of course they won't) but that when they consider the value they should deduct any debt secured against the property.
You should ask them for details of the exact regulations and reference to any sort of £Decision makers guide" they use, along with any links they can provide to any on-line copies you can access.

real1314

And here we go:- http://www.dsdni.gov.uk/decision_makers_guide

You want volume 5

And from volume 5 you want paragraph 29611, which states:

[FONT=Helvetica, sans-serif]29611 The value of capital which a person has in the UK (Chapter 07), is its current market or surrender value less[/FONT]
[FONT=Helvetica, sans-serif]1. 10% of the value if there are costs of sale and[/FONT]
[FONT=Helvetica, sans-serif]2. the amount of any incumbrance secured on the capital1.[/FONT]


Then you could look at paragraph 29625 which gives further explanation of encumbrances.

And after all that, do me a favour and DO NOT ask for the thread to be deleted as you've got what you wanted. I'm getting really bored of posting what is generally pretty good advice (imho) only to see it deleted for spurious reasons. Other people might just find this advice useful in the future.

Zziggi

woodbine wrote: »

Mrs woodbine has horrendous back problems,she has operations that have made it worse and pain clinics that havent helped,as a last throw of the dice they sent her for cbt,the clinic was 30 miles away,they did hardly anything for 5 visits then they stopped her appointments,they wrote to her gp saying that as she was unable/unwilling to travel 30 miles(a lie)they coudnt help her,when the truth was that the CBT was less than useless all they did in 5 one hour visits was tell her to think positive about the pain,which by the way is so severe she has morphine patches in ever increasing strength just to be able to get out of bed.

I'm convinced that the NHS like CBT because it is considered a cheap solution.

6-10 sessions of NHS funded CBT or years and years of NHS funded psychotherapy?

I also have little faith in CBT except for certain issues/problems that border on being m.health problems and for "certain" types of people.

real1314

If you lot keep drifting on to CBT someone'll end up deleting this thread for going off topic! :mad:

thekid308

real1314 wrote: »

And here we go:- http://www.dsdni.gov.uk/decision_makers_guide

You want volume 5

And from volume 5 you want paragraph 29611, which states:

[FONT=Helvetica, sans-serif]29611 The value of capital which a person has in the UK (Chapter 07), is its current market or surrender value less[/FONT]
[FONT=Helvetica, sans-serif]1. 10% of the value if there are costs of sale and[/FONT]
[FONT=Helvetica, sans-serif]2. the amount of any incumbrance secured on the capital1.[/FONT]


Then you could look at paragraph 29625 which gives further explanation of encumbrances.

And after all that, do me a favour and DO NOT ask for the thread to be deleted as you've got what you wanted. I'm getting really bored of posting what is generally pretty good advice (imho) only to see it deleted for spurious reasons. Other people might just find this advice useful in the future.

Thank you. This is one part that should not be deleted. I will follow this up and post my results.

Thanks again.

:T

thekid308

Got speking to someone in SSA who could actually answer the questions. One property was valued and it worked out at over the savings limit so they didn't bother with the others.

Having spoken with an estate agent re the value (advised considerably less than the SSA) the SSA have advised me to write a letter requesting them to look at the overall situation.

Thanks again real1314.