Would this affect my Pension Credit

mrsyardbroom

I am currently claiming Pension Savings credit and I get a small amount each week. I am considering applying to the Land Registry for a possessory title on a small piece of land I have used for the last 42 years. The land is unlikely to be worth much as it cannot be developed. It's only about 111 square metres, and access is only on foot. It's heavily shaded by large trees. I use it for dog training. My question is, if I have a possessory title only, would the value of the land be added to my capital? Would I need to declare it if my savings and the land value are under £10,000?

huckster

Can you sell on a possessonary title?

If yes, then you would have to declare the value of this to Pension Credit

"Your savings and investments

If you have £10,000 or less in savings and investments this will not affect your Pension Credit.

If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week."

mrsyardbroom

I don't know if I can sell on a possessory title. I can find out. Adding the value of the land isn't going to take my capital to over £10,000.

mrsyardbroom

I have checked and in theory you may be able to sell with a possessory title, but it's unlikely anyone would buy it. A possessory title reduces the value considerably, so the land is only going to be worth a couple of hundred pounds at most.