Income support & owned property

Jennyno1

Thanks - the 10% is a rough figure I have calculated but i do realise that I will probably get 50% taken into account and therefore will have to live off that for a time - just hoping I get work to enable to me to plough this money into another property as I feel then this money will be wasted but understand I am in a better situation than most.

I am concerned that my ex also comes out of this in a good financial situation as well but it may be better for me to live in the property but when and if the property sells we be faced with the same situation with living off property.

Thank all for your help in this matter.

Jowo_2

Have you taken legal advice about the separation and child maintenance? Perhaps one solution is that you live in the mortgaged property until your youngest child leaves education and it is then sold? That scenario takes place in some settlements.

DaisyFlower

As childcare in the main would only be for the youngest, you would be better off working and claiming WTC. The property would not be taken into account for WTC.

von

The value of the property has been disregarded for 26 weeks because you have been taking steps to realise your share of the property by putting the property on the market with an Estate Agent. As the 26 week period has expired the DWP will want to know what further steps you have taken e.g. have you reduced the price of the property to encourage a sale, have you put the property on the market with more than one Estate Agents etc? What you agree as your share of the property is fine but when you are claiming benefits if the property is jointly owned then you are deemed to be entited to a 50% share of the equity.

AnnaV

Jennyno1 wrote: »

just hoping I get work to enable to me to plough this money into another property as I feel then this money will be wasted but understand I am in a better situation than most.

How is it wasted money if it's paying for a roof over your children's heads and food in their mouths? This is what most people 'waste' their money on.

Jennyno1 wrote: »

I am concerned that my ex also comes out of this in a good financial situation

That's very nice of you but can you not see it is unfair for (his presumably?) children to be living off benefits when he is in a good financial situation?

I think you need to rethink this slightly...

Jennyno1

It was a wrong use of the word 'wasted' just that I would rather put the money into a property but understand all the comments made and i think I will have to find out if things would be easier for all if i moved back into the house. He is not in a good situation financially and sees that within a short time not be able to afford the mortgage but would like to think he would seek help himself financially before it gets to there.My youngest is due at full time school this Sept so working full time will be a easier option to enable me to get to my goal.

Just wondered what would happen after the 12months of disregard effecting my inc support if the property has not been sold - could they still stop my income support even if effects were been made to try sell it?

Many thanks again for all comments

NASA_2

Jennyno1 wrote: »

Just wondered what would happen after the 12months of disregard effecting my inc support if the property has not been sold - could they still stop my income support even if effects were been made to try sell it?

As long as you are making reasonable efforts to dispose of the property they can continue to disregard on an indefinate basis. Though they will review the decision regularly.

cassieB57

the money you receive when the property is sold may be disregarded for up to 26 weeks if you intend to use it to buy another home.