Inheritance

Francesanne

Oldernotwiser wrote: »

There's been no mention of mortgages; the OP said "This will possibly enable him to buy a small flat (approx £50,000) ".

We wouldn't be able to buy a studio flat for £50,000 in my part of London. Hope he does manage to find a nice cheap flat and to have some security.

astonsmummy

Francesanne wrote: »

We wouldn't be able to buy a studio flat for £50,000 in my part of London. Hope he does manage to find a nice cheap flat and to have some security.

Obviously not, but you could up north.

Oldernotwiser

Francesanne wrote: »

We wouldn't be able to buy a studio flat for £50,000 in my part of London. Hope he does manage to find a nice cheap flat and to have some security.

Why would you assume that he lives in London?

sue1953

Hi
There are flats for sale in herts/beds (Stevenage/Luton) for about £55K and these are near London. I imagine you could buy a 3 bed semi up north for £50k if you look hard enough

sue1953

These may not be diesirable areas but?

seven-day-weekend

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION%5E1476&insId=1&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=50000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&oldSecondaryDisplayPropertyType=&newHome=&auction=false&x=62&y=10

mummytofour

Could this not be viewed as a home owner who sells their home and buys another home with the money?

LizzieS_2

Macro wrote: »

Of course it's deprivation - the sole purpose of the deed of variation would be to protect his entitlement to benefits. Using a deed of variation is specifically mentioned in the decision makers manual as possible deprivation.

That said I actually think this is quite simple. He is living in the property at the present time, and when his mother passes away he will presumably continue to do so whilst the house is marketed:
Another grey area this one; without a valid temporary agreement between all siblings, he is building up sitting tenant rights.

- When his mother passes away, the part-share of the house will not actually belong to him until he 'receives' it.
Agree
- When probate is granted and the part-share of the house is his, the value of the capital will be disregarded as he is living in the property.
I think he would have to be the owner who has sold, not inheritee to qualify.
- When the house is sold, he will receive his share which can be disregarded for up to 26 weeks as it is the proceeds of the sale of his former home, so long as he states his intention to buy another property with it.
Again, I think he would have had to be owner prior to sale and on the trust deeds.
The cash inheritance and the prospect of trying to buy a flat with only 50k deposit and benefit income is more troubling.

I would certainly have a meeting with DWP or shelter to see if he can use the money to buy a house and still claim benefits. The fact that he had no housing benefit claim before and lives in the house may not come into it - those who do receive housing benefit and inherit a large sum have both HB and IS affected, somehow it doesn't seem possible for another person to avoid losing benefit.

Francesanne

Oldernotwiser wrote: »

Why would you assume that he lives in London?

I wasn't assuming anything. Just stating the housing situation where I live.

moonpenny

Surely none of this kicks in untill he has sold the house, or does it go from the date he inherited? I know he has inherited "assets" but he hasn't actually got anything untill the house sale has gone through.