Inheritance not enough

need_an_answer

sal_III wrote: »

As other have said, this is perfect opportunity to move to a cheaper part of the country. Before you start thinking about schools etc. and only have to switch 1 job.

I absolutely agree with this...

OP what is the tie you have with the SE which means you cant or don't want to look outside of what is essentially an overpriced area of the country.

Grezz24

to echo others views you need to either seriously alter your idea of the property you want to stay in the area, or move somewhere cheaper (northwest for example has some nice towns and cheap property).

We just bought a 4 bed detached for 222k, so your 60K is over 25% as a deposit for something similar. You can buy a 2 up 2 down for 60K outright in some areas.

Doozergirl

I'd move elsewhere like a shot.

There's a beautiful country beyond the South east where quality of life is higher, especially when you're bringing up children.

I wouldn't be buying a house outright with that, as they're pretty depressed areas, but I'd certainly be looking at how much you could afford mortgage-wise and then come back and see where people here recommend.

Your other half will also get to the point that she'll start working soon enough and that will make the mortgage repayments more affordable.

This is an opportunity! DO NOT hold yourself down and allow it to fritter away.

zagubov

First, I'm sorry for your loss.

You're in a bit of a trap if you stay where you are. This inheritance won't add anything positive to your finances unless you use it to move somewhere cheaper.

As others are suggesting, you need to move a good bit further from London. I don't know anybody who can afford to buy there on one income. You haven't really got any other choices. The person who left you the money would want you to get the full benefit of it.

Mojisola

need_an_answer wrote: »

You could always decline the inheritance and carry on as you are....

SpiderLegs wrote: »

If being given 60k is going to make you worse off I suggest you donate it to charity. Then you will be in the same position as currently and some disadvantaged people will see the benefit.

You can't decline an inheritance and then continue to claim means tested benefits and you can't receive one, give it away and then continue with means tested benefits.

need_an_answer

I didn't realise that mojisola… but it makes a lot of sense that you cant claim benefits after declining an inheritance.


I've got to say I echo Doozergirl though about the OP using this as a springboard to something else rather than frittering it away to remain in the situation they are now.


Ultimately its a sad situation to be in when the person is so blinkered by where they live now with the help of benefits that they cant see a large sum of money as an opportunity to expand their horizons beyond the M25 and the surrounding area and UC....where has vision and aspiration gone.

getmore4less

When people are on low incomes and dependent on benefits they should be telling their relatives to adjust their will to avoid them falling foul of the deprivation rules.

They can still get the money just ring fenced to avoid problems.

Peter_Williams

need_an_answer wrote: »

I didn't realise that mojisola… but it makes a lot of sense that you cant claim benefits after declining an inheritance.

frittering it away to remain in the situation they are now.

It could be seen as ''deprivation of assets''.

The OP could possibly move abroad temporarily, claim the inheritance, hide the money away then move back to the UK.

Or OP could ''split up'' with their ''partner'' (if not actually married), the eligible one claim the inheritance, whilst the other one remains on benefits.

But as the OP doesn't even seem willing to move away from Whopping Smugshire - I doubt they'll have the minerals to do much at all.

need_an_answer

Peter I made no suggestion that the OP should "claim benefits after declining the inheritance" that was just the bit of my post that you chose to highlight...there were other words around it that when bolded in full would have given the sentence the meaning intended!

Peter_Williams

need_an_answer wrote: »

but then again Peter like I said yesterday...not many would use their full names on an internet forum...perhaps we've found a summer holiday troll lurking in the undergrowth....

Well I can't imagine a scenario where I would start telling an elderly relative how to leave me money.
If that means I'm a troll, then I'm a troll.