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need to declare funds ? buying home
skorpio555
Posts: 18 Forumite
buying a house with money overseas ( gift from a wealthy parent ) approx 50k
but i am on ESA , if my family transfer these funds to me, will i need to tell ESA or can i just put them into my UK bank for 1 week then transfer to my solicitor ?
obvioulsy ESA would not know about these funds, its not like i worked for them and im using them to buy my house therefore saving on housing benefit etc
but i am on ESA , if my family transfer these funds to me, will i need to tell ESA or can i just put them into my UK bank for 1 week then transfer to my solicitor ?
obvioulsy ESA would not know about these funds, its not like i worked for them and im using them to buy my house therefore saving on housing benefit etc
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Comments
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skorpio555 wrote: »buying a house with money overseas ( gift from a wealthy parent ) approx 50k
but i am on ESA , if my family transfer these funds to me, will i need to tell ESA or can i just put them into my UK bank for 1 week then transfer to my solicitor ?
obvioulsy ESA would not know about these funds, its not like i worked for them and im using them to buy my house therefore saving on housing benefit etc
You need to declare it even if you only have the money for a week.0 -
I'm no expert and this is the property board, not benefits, but.... devil's advocate:
What if the funds never hit the OP's account but went straight to the conveyancer....0 -
OP who is going to pay the mortgage? You do realise you cannot get housing benefit to pay a mortgage?Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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They haven't mentioned a mortgage, I guess the house is 50k0
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So your being gifted 50k and still want to claim benefits?
Not only how will you pay a mortgage how will you maintain the property?
But yes you are obliged to disclose all funds received. You may also find that by buying a house whilst on benefits will cause your benefits to stop pending investigation.
If you don't disclose it they will still find out when the registry updates.0 -
" If you don't disclose it they will still find out when the registry updates."
i sent approx 75000 pounds back from vietnam to UK around 9 years ago, straight into my uk bank where it stayed , i flew home few months later and was still to my amazement getting my benefit0 -
So you had 75k to your name but you still decided to claim benefits?!?! Is that not benefits fraud?0
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HampshireH wrote: »So your being gifted 50k and still want to claim benefits?
Not only how will you pay a mortgage how will you maintain the property?
But yes you are obliged to disclose all funds received. You may also find that by buying a house whilst on benefits will cause your benefits to stop pending investigation.
If you don't disclose it they will still find out when the registry updates.
Do you mean the Land Registry updating?
I don't follow, sorry.Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.0 -
I was of the understanding that providing the total amount received above the threshold limit (£6k, not quite sure on exact amount) is spent within 6 months on a house to live in, then it shouldn't affect the OP's ESA.
Not too clued-up on it but there was a thread on here not so long back where a DWP rep commented about this subject. The DWP see it as saving on paying out housing benefit.
I'm sure the OP could find the thread if they do a search.0
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