Shared ownership/housing benefit

Audia6_2

Hi, I have just sold my house which I got through the right to buy scheme 10 years ago. The house was in 3 names, mine and my other two son's names.
The money we have received from the sale of house is being split in three ways and my share will only be £35.000.
My sons both got married and want to move out a get a place of their own.
With £35.000 I can only get a shared ownership type property. Would the housing association help me with the rent if I was to buy a shared ownership property with my share of the money as i get pension credit?

Thanks

pmlindyloo

Audia6 wrote: »

Hi, I have just sold my house which I got through the right to buy scheme 10 years ago. The house was in 3 names, mine and my other two son's names.
The money we have received from the sale of house is being split in three ways and my share will only be £35.000.
My sons both got married and want to move out a get a place of their own.
With £35.000 I can only get a shared ownership type property. Would the housing association help me with the rent if I was to buy a shared ownership property with my share of the money as i get pension credit?

Thanks

Yes, you can get help with the rent on a shared ownership scheme.

http://england.shelter.org.uk/get_advice/housing_benefit_and_local_housing_allowance/what_is_housing_benefit/understanding_housing_benefit

Make sure you inform Pension Credit of your capital when you sell the house if there is a period of time before you buy your new home. The capital will be disregarded for 26 weeks if you intend to buy a new home.

My mistake, it seems under Pension Credit the money is disregarded for 52 weeks

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419823/dmgch84.pdf

84577

Audia6_2

Thanks, but this is not a new property. Its about 10 years old. Is that a problem?

pmlindyloo

Audia6 wrote: »

Thanks, but this is not a new property. Its about 10 years old. Is that a problem?

No, it's not a problem.

When I said new home, I meant a new home for you, not a brand newly built property! Sorry

Audia6_2

So the housing association will not care about the fact that i used to own a house (only received one third of agreed sale price though)?
What's the maximum amount of money i can have in my account to be eligible for housing benefit?

pmlindyloo

If you are on guarantee Pension Credit then you are automatically entitled to the full HB for your circumstances.

billywilly

If you are on Guaranteed Pension Credit there is no upper limit for capital held. At worst (not being over 65) they will reduce the GPC by £1 for every £500 held over £10,000 but you will still get maximum HB as well.
If you are over 65 and have an AIP, you could be a millionaire and still be entitled to the same GPC + maximum HB.

Audia6_2

Thanks for all your replies. It's just I've been told by my housing association office that I can only get help with my rent on shared ownership if i use the money from house sale £3500 to pay for the share of the property as i am not allowed to get a mortgage or a loan(according to them)

bloolagoon

Audia6 wrote: »

Thanks for all your replies. It's just I've been told by my housing association office that I can only get help with my rent on shared ownership if i use the money from house sale £3500 to pay for the share of the property as i am not allowed to get a mortgage or a loan(according to them)

You aren't going to get a mortgage on your income

billywilly

bloolagoon wrote: »

You aren't going to get a mortgage on your income

What has income got to do with getting a mortgage LOL
Got a friend of my daughter who has just been given the OK for a £150K mortgage despite her accounts that are sent to HMRC, showing that for the past 6 years she makes minimum income On top of that hubby refuses to work for more than 2 days a week as their maximum child and WTC would be affected.

Oh I forgot her income is 90% cash with the majority not hitting the bank.

Of course I know the reason why, the silly ****** has two sets of accounts!!! The real ones show cash reserves that don't appear in the accounts that the tax man gets.

NYM

billywilly wrote: »

What has income got to do with getting a mortgage LOL
Got a friend of my daughter who has just been given the OK for a £150K mortgage despite her accounts that are sent to HMRC, showing that for the past 6 years she makes minimum income On top of that hubby refuses to work for more than 2 days a week as their maximum child and WTC would be affected.

Oh I forgot her income is 90% cash with the majority not hitting the bank.

Of course I know the reason why, the silly ****** has two sets of accounts!!! The real ones show cash reserves that don't appear in the accounts that the tax man gets.

Your posts are good for a laugh .... :rotfl:



(Just quoting this post for future reference....:) )