selling property

Gell

I'm thinking of down sizing , I'm on pension credit ,I have been told this could stop because if I sell property the money would be classed as savings, but it  is going to go straight into buying another property and paying fees, so I will not be left with no saving by the time its all gone through. I just want to know if any one else has been in this situation

sheramber

Are you selling and buying at the same time?

If so, the money for the  sale will go to your solicitor, who will use it pay for the new house  and cover any costs.

you will receive any balance after costs have been paid.

That money will be counted as capital. 

Albermarle

Normally if you say downsizing, people usually assume you are moving somewhere cheaper and therefore will have some money left over.
If that is not the case and you are buying and selling at the same time, then it should not affect any benefits.
If you sell first and then there is a gap before you buy, then during that period you will have money in the bank, which can affect benefits.