I bought with a business partner a Buy 2 let House can I claim Housing Benefit

moishe

Hi all

I am wondering if you can advise me.

I live in London and two years ago bought a very cheap house with a business partner (50% each) for £60,000 in the North West of England. We had to put in 15% equity which was £4,500 each at the the time and the rest we financed with a mortgage.

Today the house has gone down in value and is probably worth circa £45,000. Meaning currently I have no equity left in the house. The house is currently let and produces £3744 per annum after managing agents fees which covers the mortgage and repairs with very little left over.

Obviously I cant live in the house. Since it doesnt belong solely to me and I cannot uproot from london with wife and son.

I was wondering does anyone know if based on the above I would still be able to claim housing benefit, for the flat I rent in London. I am self employed and hold this house as such in a partnership but not a ltd company?

Thanks so much for trying to assist.

Maurice

fluffymovie

If you are asking if you can claim HB on the property you own with your business partner, the answer is no.

If you asking if you can claim HB on another property whilst owning this one, the answer is maybe!

Would need to know a little more about your actual circs. If you are in business as s/e, does the property form part of that? Are you self employed etc

moishe

I am self employed this house is held in partnership.

char_student

Do you want HB for property you living in now then? It depends on your income. What you make from the house will be counted as income (after you pay mortgage etc)