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Inheritence
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6 years 11 months ago #213111 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Inheritence
Mark
Answering both your questions in one, the house while you are not living in it is a capital asset, whichever route you choose; it being sold on your behalf or put in your name and then sold, the capital remain the same, you either have a house worth £200,000 or £200,000 in cash. If you buy a new house then you a house which you live in for £180,000 then you have a house worth £180,000 (which will be disregarded) and £20,000 in cash but you still have £200,000 assets and savings.
Gordon
Answering both your questions in one, the house while you are not living in it is a capital asset, whichever route you choose; it being sold on your behalf or put in your name and then sold, the capital remain the same, you either have a house worth £200,000 or £200,000 in cash. If you buy a new house then you a house which you live in for £180,000 then you have a house worth £180,000 (which will be disregarded) and £20,000 in cash but you still have £200,000 assets and savings.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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6 years 11 months ago #213114 by Mark1968
Replied by Mark1968 on topic Inheritence
So do I need to contact the DWP now after receiving this letter from solicitors regarding this asset before any house sale? Will they stop my means tested benefits immediately or will they let me keep them until any sale?
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6 years 11 months ago #213118 by Gordon
If you now have ownership of the house then you must contact the DWP.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Inheritence
Mark1968 wrote: So do I need to contact the DWP now after receiving this letter from solicitors regarding this asset before any house sale? Will they stop my means tested benefits immediately or will they let me keep them until any sale?
If you now have ownership of the house then you must contact the DWP.
Gordon
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6 years 11 months ago #213120 by Mark1968
Replied by Mark1968 on topic Inheritence
The solicitors letter says we are now in a position to deal with my aunts property so is that now classed as ownership, I haven't signed anything.
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6 years 11 months ago #213122 by Gordon
I can't answer this. What does the solicitor say?
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Inheritence
Mark1968 wrote: The solicitors letter says we are now in a position to deal with my aunts property so is that now classed as ownership, I haven't signed anything.
I can't answer this. What does the solicitor say?
Gordon
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6 years 11 months ago #213124 by Mark1968
Replied by Mark1968 on topic Inheritence
I will call now, I have asked him regarding benefits but he says he cannot advise me on that. I just need to know if I am the legal owner now they are in a position to deal with it and obviously I will inform DWP if I am, my worry is if I lose all my income related benefits even though I will have an asset worth over £16,000 I am getting no income from it and that would mean I would have to pay my rent and council tax from my contribution based esa and pip which wouldn't leave me enough to pay the bills and buy food.
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