Buying parents House

cncvalue1

paddedjohn wrote: »

im guessing that this thread is a wind up.

It is not a wind up the house is in need of repair as I said and they can not afford to do the repairs on the property unless I buy it from them

They own the property outright so have no mortgage and are in receipt of housing benefit on the rental property they live in now.

mumcoll

How do they get HB if they have an asset worth £150k?

tyllwyd

G_M wrote: »

... Have you considered Capital Gains Tax? If you own the property but don't live there yourself you will be liable for CGT. ....

And have your parents considered CGT - if they moved out about 16 years ago there could be quite a big bill when they sell (apart from the whole housing benefit issue, which sounds like a real can of worms to me).

McKneff

mumcoll wrote: »

How do they get HB if they have an asset worth £150k?

Exactly what I thought in a earlier post.

dodger1

cncvalue1 wrote: »

It is not a wind up the house is in need of repair as I said and they can not afford to do the repairs on the property unless I buy it from them

They own the property outright so have no mortgage and are in receipt of housing benefit on the rental property they live in now.

I'm speechless. Any experts here know if this is legal?

dodger1

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Your income and capital

To get Housing Benefit, you must have income and capital below a certain level. However, if you're getting certain benefits, different rules apply – see below. Capital means things like savings, land or property.
If you or your partner have more than £16,000 in capital, you will not get any Housing Benefit, unless you are getting the guarantee credit part of Pension Credit.
If you or your partner have capital of over £6,000, you will be assumed to have some income from that capital.
If you are a woman and have reached state pension age or your partner has reached the same state pension age for a woman of his age, and you have capital of over £10,000, you will be assumed to have some income from capital.
If you are getting Income Support or income-based Jobseeker’s Allowance, you will automatically be within the income and capital limits for Housing Benefit and you will qualify for the maximum amount. If you are on Pension Credit and you get the guarantee credit (whether on its own or with the savings credit), you will also automatically get the maximum amount of Housing Benefit. If you get the savings credit only, you may qualify for Housing Benefit but it will depend on your income and savings. The local authority will use the Pension Service figures for income and savings to assess whether you can get Housing Benefit.


It would appear that owning a property would and I believe correctly stop someone from receiving housing benefit on a different property.