Claiming housing benefit whilst owning another property

HappyMJ

N_86 wrote: »

Thank you so much for your advice.
It's worth 125k and I borrowed 95k 2 years ago. But I am sure house prices have fallen since I bought it so I don't think its worth as much now and that's what is preventing me selling.
I think its worth around 115k at the moment.
So they will not take into account the rental income because the rent does not cover the mortgage?

You can deduct 10% for eviction and selling costs from the valuation so you might just be eligible for housing benefit at a reduced rate.

No harm in trying.

KxMx

Why not get it valued as a first step?

pmlindyloo

NLW wrote: »

But she will still have a asset at the end of it all while we pay for her to rent.

That asset is taken into account for means tested benefits so I do not see what the problem is.

micky2phones

dippy3103 wrote: »

Not having a go.. Genuine question.
If it's not in negative equity & is costing you money each month, would it not make sense to sell it?

Hi, yes makes sense as you say, but it also makes sense that if theres help with rent. There no need to sell.

Dammed if you do dammed if you dont

dippy3103

micky2phones wrote: »

Hi, yes makes sense as you say, but it also makes sense that if theres help with rent. There no need to sell.

Dammed if you do dammed if you dont

I agree with you. The o/p has come on asking for advice to make ends meet during a difficult period. Like she says, she hopes to get a job which would make this all academic.

marliepanda

dippy3103 wrote: »

I agree with you. The o/p has come on asking for advice to make ends meet during a difficult period. Like she says, she hopes to get a job which would make this all academic.

You're mixing up your threads I think? This OP has just given up work, she's not looking for work.

If she sells them she will get rental help and not have to pay the current deficit in her old property. If she's struggling already with the deficit it makes no sense to keep it on during a difficult time.

thorsoak

geoffken - has it occurred to you that as the OP is, by her own words "caring for her sick baby - under 1 year old" - that she might need to stay in London for the sake of the baby's hospital needs? Sometimes compassion is required.

dippy3103

marliepanda wrote: »

You're mixing up your threads I think? This OP has just given up work, she's not looking for work.

If she sells them she will get rental help and not have to pay the current deficit in her old property. If she's struggling already with the deficit it makes no sense to keep it on during a difficult time.

You are right! Sorry.. Confusion is my middle name!

Am I right in thinking that once it's on the market it will be disregarded for 26 weeks?