Has anyone sold there house recently and able to claim still

tomhollie12

My house and sold and completing soon 
but I’ve not found a new onward purchase yet 
but all the money from my house would be going on another house, would I still be able to claim universal credit as I am on a low income and have a family of 4 
it’s not like I’m sold my house and blowing all the money up the wall 

Rubyroobs

I think it can be disregarded for 6 months but I would think you would need to let Uc know that you have that capital. I'm not sure how you can prove it's earmarked for another property ? Are you renting in the meantime?

calcotti

I agree that you need to report it and advise that you are looking to purchase within the next six months. If you have any evidence of house searches etc that may help (although I appreciate that with an online property market no such evidence may exist).

There is, as Ruby says, a six month disregard of proceeds from the sale of a house that was your former home if the money is to be used for the purchase of anther property. The disregard can be extended if a Decision Maker considers it reasonable to do so. An extension, at the time, is more likely if you have a purchase going through but not completed or if you can evidence that an intended purchase has fallen through etc.

poppy12345

Where are you planning on living in the meantime? 

tomhollie12

Rubyroobs said:

I think it can be disregarded for 6 months but I would think you would need to let Uc know that you have that capital. I'm not sure how you can prove it's earmarked for another property ? Are you renting in the meantime?

Hi I found a house that was going to take all my money plus borrowing abit but my buyer will not wait for it to complete otherwise they said they would pull lit so I had to pull out of that one, looking for another 
So yes would be renting for abit hoping no more than 6 months 

TELLIT01

tomhollie12 said:

Rubyroobs said:

I think it can be disregarded for 6 months but I would think you would need to let Uc know that you have that capital. I'm not sure how you can prove it's earmarked for another property ? Are you renting in the meantime?

Hi I found a house that was going to take all my money plus borrowing abit but my buyer will not wait for it to complete otherwise they said they would pull lit so I had to pull out of that one, looking for another 
So yes would be renting for abit hoping no more than 6 months 

Horrible when that happens tomhollie12, but you will be in a stronger bargaining position with a new property when you are ready to move immediately as a cash buyer.

Lanzarote1938

Will you be able to get a mortgage on your own?