house left in will

blackadders_2

Blackpool_Saver wrote: »

it's too complicated for on here, see a solicitor while you are still on benefits as it will cost less.

yeh totaly agree its a bit complicated for on here but i still like to hear other ppls opinions or maybe been thru the same circumstances???

woody01

blackadders wrote: »

so what u r saying is i get my IB fortnighty still but lose the housing and council tax benefits????

Firstly, i am sorry to hear about your mum.

However!

If you are worth that kind of money, you should not expect the taxpayer to keep dishing out your housing and council tax benefits.
Support yourself.

qwertyuiop12345

blackadders wrote: »

hi there im currently on incapacity benefit and getting house and council tax benefits. my mother has recently passed away and i will b getting left a 33% stake in 1 home (worth £20,000) and a 50% stake in another home worth about the same! nothing has been passed over as yet but when it does do i lose all benefits without the homes being sold? i really could do with lots off advice on the matter of which is best way too deal with it thnx

Do you know the people who will inherit the other shares? (ie. are they members of your family?)

It might be possible to negotiate an even exchange of the inherited assets so that you end up owning the whole of the cheaper house. The solicitor dealing with the probate could advise you on this.

Then you would own absolutely your own home and still receive your IB as income.

blackadders_2

woody01 wrote: »

Firstly, i am sorry to hear about your mum.

However!

If you are worth that kind of money, you should not expect the taxpayer to keep dishing out your housing and council tax benefits.
Support yourself.

if u read the thread properly woody or is that wooden head! i am worth no money all i have is part shares in houses

blackadders_2

qwertyuiop12345 wrote: »

Do you know the people who will inherit the other shares? (ie. are they members of your family?)

It might be possible to negotiate an even exchange of the inherited assets so that you end up owning the whole of the cheaper house. The solicitor dealing with the probate could advise you on this.

Then you would own absolutely your own home and still receive your IB as income.

ideal world the council house i live in is my home and i dont want 2 move i wud like to sell 1 share of a house to help buy this home!then im left with a 50% stake in a house at that point were do i stand?am i best to just sell up or rent out why i say rent out is am thinking down the line as i hav no pension. and i do know its a income coming in so how do they work it all out

Whiteknight

Do you know what the other people want to do with the two properties, you mention that the other person who owns the property you have a 50% share in wants to rent out the property to get an income.

What is going to happen to the property that you have a 33% share in (you mentioned that you want to sell this share) are the other owners in a position to buy your share or all agree to sell the house?

I get the impression that you are looking for someone to give you a way to keep getting benefits and keep any capital/income from your inheritance. Speak to the local authority to see how it will effect your housing/council tax benefits

sunnyone

blackadders wrote: »

ideal world the council house i live in is my home and i dont want 2 move i wud like to sell 1 share of a house to help buy this home!then im left with a 50% stake in a house at that point were do i stand?am i best to just sell up or rent out why i say rent out is am thinking down the line as i hav no pension. and i do know its a income coming in so how do they work it all out

If you want to buy your current home with the proceeds of your inheritance you are free to do so and while the days of big discounts are gone I believe that smaller discounts are still available, owning your own home is preferable to owning a share of a house anyday IMHO.

Renting out the remainder of your inheritance will need to be declarered you will always be better off than you are now, you will always have your IB paid as usual plus the rental of the house with no rent/morgage to pay on your home and you can sell the other house with the agreement of the other shareholders or one of them could buy you out to fund thing in the future.

blackadders_2

sunnyone wrote: »

If you want to buy your current home with the proceeds of your inheritance you are free to do so and while the days of big discounts are gone I believe that smaller discounts are still available, owning your own home is preferable to owning a share of a house anyday IMHO.

Renting out the remainder of your inheritance will need to be declarered you will always be better off than you are now, you will always have your IB paid as usual plus the rental of the house with no rent/morgage to pay on your home and you can sell the other house with the agreement of the other shareholders or one of them could buy you out to fund thing in the future.

sunnyone has just hit the nail on the head thanks very much!id expect my IB to get reduced with the income from rent would that be right?

sunnyone

blackadders wrote: »

sunnyone has just hit the nail on the head thanks very much!id expect my IB to get reduced with the income from rent would that be right?

No your IB is a contributions based benefit that you paid your NIs for and it will still be paid as normal, thats one of the reasons that you will be in a very good position, you will pay some, maybe not even all depending on the rental income (after allowed deduction) council tax and thats the extent of diffrences unless you claimed anyother means tested benefits on top of HB/CTB.

blackadders_2

sunnyone wrote: »

No your IB is a contributions based benefit that you paid your NIs for and it will still be paid as normal, thats one of the reasons that you will be in a very good position, you will pay some, maybe not even all depending on the rental income (after allowed deduction) council tax and thats the extent of diffrences unless you claimed anyother means tested benefits on top of HB/CTB.

as ill b buying the home am in therell be no need 4 housing benefit / prob get bout £420 pm rent -50% ill hav a extra £210 per month on top of my IB which means ill hav a increase in council tax and will i not hav to do a tax return or something like that ???