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Inheritance
- Alison
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1 week 5 days ago #296626 by Alison
Inheritance was created by Alison
Hello 😊
My husband and I have just learnt that we are due to inherit around £40k early next year. We currently live in a caravan on legacy benefits (both in receipt of contribution rate and top up of income related).
I understand the £6/£16k rules for savings, but I think there's a rule that says it's not counted for 6 months if you buy a property?
It would be very nice to use this opportunity to get a proper home if possible.
Thankyou for your help.
My husband and I have just learnt that we are due to inherit around £40k early next year. We currently live in a caravan on legacy benefits (both in receipt of contribution rate and top up of income related).
I understand the £6/£16k rules for savings, but I think there's a rule that says it's not counted for 6 months if you buy a property?
It would be very nice to use this opportunity to get a proper home if possible.
Thankyou for your help.
The following user(s) said Thank You: Nige 60
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- David
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1 week 5 days ago #296633 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Inheritance
Hi Alison,
When you receive the £40,000 all your means tested Benefits will stop.
Unfortunately the six months disregard you are thinking of only applies to sale proceeds if you are moving house as follows:
Premises person is trying to sell
H2115 Where a person is trying to dispose of premises, they can be disregarded from the calculation of
that person’s capital where they are taking reasonable steps to dispose of the premises and those steps
have been commenced within the last 6 months1
.
1 UC Regs, Sch 10, para 6
Is it reasonable to disregard for longer
H2116 The DM may decide to disregard the premises for a longer period where for example the person
has done all they can to sell the premises and the asking price is no more than the premises are worth.
Here is a link to the DWP guidance.
assets.publishing.service.gov.uk/media/6...60c466d22a/admh2.pdf
David
When you receive the £40,000 all your means tested Benefits will stop.
Unfortunately the six months disregard you are thinking of only applies to sale proceeds if you are moving house as follows:
Premises person is trying to sell
H2115 Where a person is trying to dispose of premises, they can be disregarded from the calculation of
that person’s capital where they are taking reasonable steps to dispose of the premises and those steps
have been commenced within the last 6 months1
.
1 UC Regs, Sch 10, para 6
Is it reasonable to disregard for longer
H2116 The DM may decide to disregard the premises for a longer period where for example the person
has done all they can to sell the premises and the asking price is no more than the premises are worth.
Here is a link to the DWP guidance.
assets.publishing.service.gov.uk/media/6...60c466d22a/admh2.pdf
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- Alison
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1 day 4 hours ago #297000 by Alison
Replied by Alison on topic Inheritance
Thankyou very much David 😊
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- Alison
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1 day 4 hours ago #297002 by Alison
Replied by Alison on topic Inheritance
Thankyou David, I've read through the info, it's long winded but quite clear. Thankyou very much!
The following user(s) said Thank You: David
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