Inheritance

Kimberley

How can someone be able to keep £50,000 if they promise to buy a house within 26 weeks of telling the DWP? I watched Deal or no Deal on TV where someone won £16,000. The Government found out he won the money and had his benefits stopped. If I won £50,000 does that mean I can buy myself a house with it and use it as a deposit? I don't think that is right is it?

p00hsticks

alwaysonthego wrote: »

Can you provide a link for this as this is something that I have not come across before and would be helpful for the op thanks.

No, unfortunately I'm afraid I can't - I've had a look but have come to the comclusion that I must be wrong - apologies.

sleepless_saver

But he hasn't inherited the money directly, surely he will become part owner of his late mother's house. So I don't see how selling that and using his share to buy somewhere else would differ from the position of someone on benefits who gets half the value of a marital home on divorce and uses it to buy somewhere else to live. In the latter case, surely the person would not be expected to use their share of the equity to live on. IYSWIM.

Definitely one for legal advice.

ETA: I see there is money in addition to the house, so that would be more of a problem. Can she amend her will to provide him with a larger share of the house value, and the siblings with more of the other assets?

Frogletina

Obviously the will cannot be amended now she has died, the house will shortly be on the market and there is no way of knowing how long it will take to be sold. The majority of the inheritance will be from the proceeds of the house sale.

Oldernotwiser

Kimberley wrote: »

How can someone be able to keep £50,000 if they promise to buy a house within 26 weeks of telling the DWP? I watched Deal or no Deal on TV where someone won £16,000. The Government found out he won the money and had his benefits stopped. If I won £50,000 does that mean I can buy myself a house with it and use it as a deposit? I don't think that is right is it?

Of course, if someone were buying a property with a windfall instead of claiming HB/LHA it would make perfect sense and save money in the long term.

margaretclare

alwaysonthego wrote: »

I thought that income could only be disregarded for 6 months if you had sold an house and was buying another one.

I am sure it can not be disregarded if you have a sum lump of money and you invest it in property, I would have said that would be classed as deprivation of capital in order to claim means tested benefits.

To the op he should really check with the DM

But he isn't planning to 'invest in property' as such, is he? He's planning to buy somewhere to live.

Voyager2002

OK, none of us know the answer. So the OP needs to seek expert advice. Rather than paying a solicitor (and most solicitors know very little about the benefits system) I suggest contacting Shelter. Don't waste time with CAB: they are helpful, but don't have the specialist knowledge that is needed for this.

catenorfolk

easiest way to find out is to speak to the benefits office direct.

chesky369

...easiest way to find out is to speak to the benefits office direct...

not necessarily - you sometimes get different answers from different people, even if it's an easy question, let alone something a bit out of the way.

thorsoak

I think there is probably a way round this: the will can be amended after death so that s share of the estate be is put in trust for him and the trust buys the house that he will then be entitled to live in......but obviously the executors will have to seek the advice of a solicitor experienced in wills and trusts.

If I am wrong, I'm sure somebody will be along to put me right!