Selling house whilst on Benefits

xylophone

It will be a concessionary purchase so no deposit required but as a result the house is being sold below market value by 15% or so.

Will this in itself be counted as deprivation of assets?

https://www.entitledto.co.uk/help/savings

Making the gift of the costs of the wedding could be counted as deprivation of capital?

I should think that you would need to be sure of your ground before taking action.

Afraid_of_Kittens

fallen2k8 wrote: »

Hi, yes I meant benefits - not debts. My bad. I will also continue to live in the property with my family (Natwest is a lender which allows this). I wont be paying rent but I will contribute towards the bills and whatnot. It will be a concessionary purchase so no deposit required but as a result the house is being sold below market value by 15% or so. I will obviously inform HMRC asap but living rent free, would I be eligible for CB and Ctc?

For benefit purposes you will have been considered to have deprived yourself of capital so you will be treated as still having the 15% or so discount in cash terms for benefit purposes - i.e. sell house for £85,000 will be considered to have £100,000 capital.

hb2

Along with your own deprivation of capital issues, your daughter would also be unable to claim any means tested benefits in future if she owns a home that she does not live in. She might not need these at the moment, but there is no knowing what the future might hold. Unfortunately, we are all only moments away from a job loss or illness/injury

Alice_Holt

This arrangement has the potential to go badly wrong in the future, even before consideration of Income-based benefits and deprivation of capital.

(As deannatrois and Calleyw have written)