house proceeds

thumpelina

Hi
My house sale fell through four times at the other end of the chain. We have finally exchanged at the 5th try but due to the stress, I have decided to go into rented for a while in order to limit the length of this chain.
First of all, I know I have 26 weeks without it affecting my benefits but we may be in rented for longer due to family factors. My mother has been told she doesn't have long left and my daughter has just had a chronic diagnosis. We are going to to leave the area but now we have to wait until things settle. So,
1. are there exemptions to the 26 week time limit?
2. It is going to cost me to rent , I barely earn a thing and don't want to see my equity disappear. How can I bank the 370K I will have short term in order to make the most interest per month and limit the depletion of that equity? My earning potential and daughter's condition are unlikely to change.

foxy-stoat

For that amount of money you should be seeking paid professional advice - as for you still keeping your benefits, that would be a question directed to the council but if you have over a third of a million cash I would think it will have an effect of payments.

Maybe safer and better to plan to buy within 4 months to save any additional issues.

xylophone

For that amount of money you should be seeking paid professional advice -

But the OP has little option but to keep it in cash as it is intended in the fairly near future for a house purchase - what could a professional say other than

https://www.fscs.org.uk/your-claim/temporary-high-balances/
point out that even after that time the whole could be safely held in NS&I and indicate the savings rates tables?

https://www.nsandi.com/our-products

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

With regard to 26 weeks, this may be typical?

https://secure.manchester.gov.uk/info/500180/housing_benefit/4265/how_savings_investments_and_property_affect_your_housing_benefit_and_council_tax_support/4

Capital we don't count for six months (and longer if it's reasonable)

Any sum you receive from selling your previous home, which you will use to buy a new home. We can ignore it for longer if it is reasonable to do so