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Pension Credit - Selling Joint Property
naherrahman
Posts: 1 Newbie
My mother (age 80) receives Pension Credit & is on indefinite AIP. She & I own a house as "tenant in common" (equity: mother 2/3=400K & me 1/3=200K). She lives alone in house; I reside in a different property.
We will sell the house for 600K & purchase a flat for 500K. Only mother will live the flat. I am going to receive the 100K difference; remaining money will go towards the flat. The new flat will also be held as "tenant in common" but my mother's equity in the new flat will now be 5/6 & mine 1/6 as she will have reinvested all of her 400K proceed & me only 100K. We'll notify DWP of change of address. Anything I should be aware of with regard to DWP?
We will sell the house for 600K & purchase a flat for 500K. Only mother will live the flat. I am going to receive the 100K difference; remaining money will go towards the flat. The new flat will also be held as "tenant in common" but my mother's equity in the new flat will now be 5/6 & mine 1/6 as she will have reinvested all of her 400K proceed & me only 100K. We'll notify DWP of change of address. Anything I should be aware of with regard to DWP?
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