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Selling property to go into rented accommodation?
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Minxy1
Posts: 14 Forumite

Hi,
Looking for some information to help me understand what's allowed here, or if you see any problems with it.
I have a family friend, older man. He suffers from ill health and can't walk much. He lives in a flat he owns but there's a lot of stairs to get up to the flat therefore he can't really get out because of the stairs.
He's wondering if he could move into a rented flat, which is on the ground floor, with no stairs inside or out. This would hopefully mean he could get out more with family and have a better quality of life.
He can't work and his flat isn't worth much. If he sold his flat or gifted it to his grown up kids, then moved into a rented flat, is there any problems with that? As the flat isn't worth much, the proceeds of any sale wouldn't last long. Could he claim help with the rent in the future (housing benefit?).
Thanks. Just trying to understand it better to try and explain it to him.
Thanks
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Comments
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How much is it worth? Where in the country are you?"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:0 -
He'll strugle to find private rented due to lack of income.Some landlords might accept 6months rent upfront, but what will he do when his capital dries up?And what if he gets evicted (limited protection) in say, 12 months and he has to find another rental, but this time with no capital behind him?Yes, there are benefits he could claim if he has no income, but his capital will initially prohibit this I believe. Not sure what the threshold is - post on the benefits board for more on that.How much capital are we talking about?0
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I think his flat may be worth as little as £30k. We are in Scotland.
I will post it on the benefits board too, to see if anyone knows about housing benefit.
Thanks1 -
Capital of £30K puts him well above the limit for claiming UC, which is £16K.
No, he can't just give it away and expect the taxpayer to house and support him: it's deprivation of assets.
That capital would bring him an income of no more than about £400pa, but it would enable him to live for 3-4 years on the capital.
Is he already claiming all his existing benefits? Council tax reduction, single person discount?
When will he reach state pension age (you said 'older man')?No free lunch, and no free laptop0 -
macman said:Capital of £30K puts him well above the limit for claiming UC, which is £16K.
No, he can't just give it away and expect the taxpayer to house and support him: it's deprivation of assets.
That capital would bring him an income of no more than about £400pa, but it would enable him to live for 3-4 years on the capital.
Is he already claiming all his existing benefits? Council tax reduction, single person discount?
When will he reach state pension age (you said 'older man')?0 -
Minxy1 said:macman said:PS: the cheapest property I can find listed in Scotland on Rightmove is £50K. Not £30K
But it is important, because that capital is what he will have to live on. A difference of £8K or so means a year of capital to live on, albeit at a low standard of living.No free lunch, and no free laptop0 -
Minxy1 said:macman said:Capital of £30K puts him well above the limit for claiming UC, which is £16K.
No, he can't just give it away and expect the taxpayer to house and support him: it's deprivation of assets.
That capital would bring him an income of no more than about £400pa, but it would enable him to live for 3-4 years on the capital.
Is he already claiming all his existing benefits? Council tax reduction, single person discount?
When will he reach state pension age (you said 'older man')?
But, given what you've told us, he would appear to have sufficient equity in the flat to see him through a couple of years to state pension, if he does not qualify for any other benefits. Someone else will have a clearer picture of his benefit entitlements under the Scottish system.No free lunch, and no free laptop0 -
macman said:Minxy1 said:macman said:PS: the cheapest property I can find listed in Scotland on Rightmove is £50K. Not £30K
But it is important, because that capital is what he will have to live on. A difference of £8K or so means a year of capital to live on.1 -
Has he thought of retirement properties?
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