Effect of proceeds from selling home on benefits and pension credit

viktory

The one thing that always baffles me in relation to these threads - surely the quickest method of getting an answer would be to phone the relevant department?

Mojisola

viktory wrote: »

The one thing that always baffles me in relation to these threads - surely the quickest method of getting an answer would be to phone the relevant department?

People sometimes get given the wrong advice when they phone so it helps to do a bit of research first.

Brum67

Sorry to reply to an old thread but ive desperately searched and cant find an exact answer to my problem. My dad gets pension credit g/tee credit, 73 yrs old. Due to health reasons needed to move closer to me and to a different house. He owns his own home and plan was to sell and buy a new house. Stressful upheaval at his age so i remortgaged and paid deposit on new house taking out a second mortgage which would be paid when dad sells his house.

Property prices have slumped and value of dads house much less than it was originally and no where near mortgage amount on new property let alone total purchase price(deposit etc)

Question is dad has 3 years left on AIP. Whats his options? He has moved into new house and quality of life has improved but old property is sittng empty and causng stress. There not selling, lots in area for sale and solicitor advised renting it out for a year or so or sell for knock down price.

If dad rents then presume his rent coming in cannot be offset against the mortgage/rent to me for new place?

If he sells will DWP need to know about the capital he has from sale of house?

Could he use capital from house sale to clear debts and use remainder to pay mortgage/rent payments to me?

Last option is could he 'sell' property to me for agreed market value ?

Could he gift it to me in exchange for a life rent on new property?

Any advise really appreciated as all causing huge amount of stress and not gettng much help on the DWP phone. The do know my dad has moved and they know ive bought property in the meantime, all upfront as that was the initial plan until prices dropped significantly.

Thanks