Benefits and money from house sale/purchase

motherbored21

Selling house as current one is unsuitable/unadaptable for our child, who is disabled. DH is carer for both of us. Will not be able to complete on a purchase immediately, so will have to rent for as little time as possible. New house will be 300 miles away from current.

Will the DWP count all our deposit money as income? We want to put every penny we can as deposit on the right house or use some to adapt a house which will be nearer DS's special needs school.

Any ideas?

Thanks

patman99

This is a tricky one. They should count any profit as savings and adjust your benefits accordingly. They could also count the purchase of the new property as 'deliberate depreciation of assets'.
You really need to speak to the DWP as they should know the answer.

xylophone

http://www.mumsnet.com/Talk/legal_money_matters/a1374450-Selling-and-buying-property-while-on-benefits might be worth a look.

motherbored21

Thanks for the info and link!

We have just breathed a huge sigh of relief!

missapril75

patman99 wrote: »

They could also count the purchase of the new property as 'deliberate depreciation of assets'.

xylophone wrote: »

http://www.mumsnet.com/Talk/legal_money_matters/a1374450-Selling-and-buying-property-while-on-benefits might be worth a look.

That link includes confirmation that monies from the sale of a home, to be used to buy another is disregarded for up to 26 weeks or more if reasonable. That rules out deprivation issues.

This does apply to current means tested benefits. Perhaps someone knows if it will also apply under Universal Credit which is replacing existing benefits.