I want to sell my flat to my son at a discount.

greatcrested

I'm not a benefits type person, but recommend you post a query on the benefits board.

Common sense strongly suggest to me that if a claimant is in receipt of a means tested benefit, and receives a lump sum that take him over the threshold for benefits entitlement, his claim would be reassessed.

Gifting the money away must be such an obvious thing for thouands of people to do in order to maintain their claim that i would be absolutely amazed if this were not either Deprivation of Assets and/or Benefits Fraud.

mtah321

But you’ve stated it would hurt you. £0.000028 would not hurt you so does that mean you’re not in means tested benefits?

Apologies if you are but you did clearly state it would hurt you which would indicate you are in means tested benefits.

If you were, and you tried to sell you home to your son at a discount and had to give him a gift declared through the solicitor, this sum would have to be declared to DWP and any benefits reduced accordingly.

I have both disability and means tested benefits. I am medically unfit for work and have been since I had an accident 20 years ago. I only mentioned the lump sum in savings thing because it's another reason that I don't want to sell my family home completely off where I will never see it again. It is not the main reason.

mtah321

Exactly how old are you that you wouldn't be able to get a mortgage? I'm interested as have just turned 71 and am about to start looking at 10 year and 15 year mortgages.

I'm 70. My age isn't the whole reason I can't get a mortgage, but it is part of it.

Why can't your son just buy the new flat and then you swap with him? Nothing to do with anyone else who lives where. That'd be the cheapest option, as far as I can see. It's something I'd do with my daughter, who will hopefully outlive me so both properties will be hers in the end. She could then decide whether to rent out either property or sell one or do whatever she likes. I don't see a problem.

This is what I am asking; if it's better to simply buy one and then swap or to let him buy this flat and me use this money to buy a new one. From my experience helping my nieces with their mortgages, lenders don't look kindly on getting a mortgage on a flat that you don't intend to keep in your name for long.

I have to say that you saying, "I've lived my life" makes me feel really sad. I don't know how old you are but for me at 71, I'm looking forward to living much more of mine. 

Thank you for your concern, obviously, I have a long life ahead of me and I look forward to it as well. I just meant that I've lived a full and happy life, and I'm happy with where I'm at.

mtah321

Common sense strongly suggest to me that if a claimant is in receipt of a means tested benefit, and receives a lump sum that take him over the threshold for benefits entitlement, his claim would be reassessed.

Gifting the money away must be such an obvious thing for thouands of people to do in order to maintain their claim that i would be absolutely amazed if this were not either Deprivation of Assets and/or Benefits Fraud.

I understand that, and I would be fine with my claim being reassessed. I simply want my son to start his family where he grew up, and for me to move to a building more suitable for me. I only mentioned the lump sum as an argument against selling the flat completely off, because I would almost never touch that extra money except in an emergency.

And in said emergency, my family would help me with whatever I need.

AdrianC

mtah321 said:
Having a large pool of money in my name would actually hurt how much I currently get from the government.

Many means-tested benefits take account of your total assets, including property. If you give 30-40% of your wealth away, that is not taken kindly.

Not to mention how I have no use for that money now, I've lived my life.

...and then you go on to talk about the next 20-30 years? You ain't dead until you're dead!

Healthcare is free here, you know.

Residential nursing care certainly isn't...

greatcrested

AdrianC said:

mtah321 said:
Having a large pool of money in my name would actually hurt how much I currently get from the government.

Not to mention how I have no use for that money now, I've lived my life.

Healthcare is free here, you know.

Residential nursing care certainly isn't...

and nor is home care.

mtah321

For the final time. I'm not asking about my benefits. I'm not asking about my retirement plan. I'm not asking about my future healthcare needs. I am asking about the easiest way to go about swapping flats with my son.

davilown

mtah321 said:

For the final time. I'm not asking about my benefits. I'm not asking about my retirement plan. I'm not asking about my future healthcare needs. I am asking about the easiest way to go about swapping flats with my son.

And for the final time, you risk losing any means tested benefits you may receive or your son having to sell the flat to pay for your care due to deprivation of assets. I’m not sure why you think you giving your son a discount is potentially defrauding the tax payer.

DCFC79

Much wasier for you to sell the flat and you buy somewhere and your son gets a flat on his own merit, it might be possible for you to gift some money to your son to help him buy a flat. Maybe a solicitor is who you need to speak to. 

mtah321

Much wasier for you to sell the flat and you buy somewhere and your son gets a flat on his own merit, it might be possible for you to gift some money to your son to help him buy a flat. Maybe a solicitor is who you need to speak to. 

Thank you, I know it would be easier to do this, and my son could afford to buy a flat now. And if it really isn't possible, this is the route I'll take (or just do nothing and my son gets his own flat elsewhere).

But I would really like to keep this flat in the family, for sentimental reasons mostly, and buying my flat outright isn't possible for my son yet.