Benefit for landlord who is renting other city

Housing_Benefit_Officer

Topcat1982 wrote: »

Property Price 100,000 (Mortgage 84,000)

This rental property is an asset, so that £16k would stop you claiming HB anyway.

You should be able to claim CTC based on your estimated income

Your calculation is incorrect.

We would look at the market value - £100,000 then deduct 10% - so the value would be £90,000 then deduct the outstanding mortgage - so the capital value would be just £6,000 not £16,000.

Housing_Benefit_Officer

We would look at your income from the rent minus mortgage and any other expenses such as insurance etc. Whatever is left would be treated as income.

Housing_Benefit_Officer

Sncjw wrote: »

I would have thought they will say no because you own a property that you could move into.

We could say yes. Doesn't matter is someone owns another property or multiple properties.

w06

why the 10% deduction from market value? (just curious)

Cheeky_Monkey

I could be wrong but I read it that the property cost £100,000 to buy rather than it's current value

teddysmum

Housing_Benefit_Officer wrote: »

We would look at your income from the rent minus mortgage and any other expenses such as insurance etc. Whatever is left would be treated as income.

Is this the whole mortgage payment, as opposed to just the interest as used for tax calculations ?

molerat

w06 wrote: »

why the 10% deduction from market value? (just curious)

For sale expenses if the value was to be liquidated.

kingfisherblue

jessex1990 wrote: »

Getting Carers Allowance and DLA suggests that she *may* be entitled to claim Income Support as well.

No entitlement to Income Support as the husband works.

w06

molerat wrote: »

For sale expenses if the value was to be liquidated.

thanks molerat

Housing_Benefit_Officer

w06 wrote: »

why the 10% deduction from market value? (just curious)

Cost of selling the asset, estate agent fees, solicitor fees etc....

Has been 10% for nearly 30 years.