Definition of capital for property owned in the uk?

Jrutherford729

When trying to calculate on a benefits calculator my savings over £6000 it asks me for info on property and land in the uk. It asks me to input the capital on these and the assumed weekly income from these. What does it mean by capital??

bloolagoon

House value less mortgage and 10% selling costs.

Income if rented.

specialboy

Excluding the property you live in

rogerblack

Capital is basically anything you own, which you can sell, or which you can sell the rights to sell in the future.
Any form of investment counts, even if it's 'locked up' - though only the current surrender value.
Any property that is not personal posessions, or the house you live in counts.

Housing_Benefit_Officer

Property capital = Open market value (not your valuation) minus outstanding mortgage minus 10% = capital. (Local Authorities can get your property valued by the Valuation Office Agency). Property capital can include land, houseboat etc in this country or abroad.

Property income = rent received minus mortgage payments and any expenses like insurance, agents fees etc. = property income.

Property value doesn't include the property you live in.