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WG
30-01-14, 02:58
Hello

So i've been wondering for a long time what kind of support is given in the UK for people who do not leave their house.

I currently live with my parents but they won't be around for ever. I know for a fact i cannot afford to live at home if i inherit it if I have no job.

So does the UK give support for such situations or would i be forced to sell the house and buy somewhere else?

The house is in a pretty expensive area which is the main issue, its not a cheap house =/ But i worry the government just sees the house a money thing and not what i see it as, which is my only place where im not unwell all the time.

xBettyBoopx
30-01-14, 05:25
You wouldn't get any help because the house is worth over 16 thousand I assume.

I don't know what benefit you are on, if any, but you couldn't pay the bills and food out of that?

It would be extremely difficult for you but you would have to consider a smaller house in a less expensive area to get some money behind you.

You are looking too far into the future. None of us know what's gonna happen in the next 5 seconds least of all many years. Take care of today's worries, tomorrow has enough of it's own:winks::blush:

Els

WG
30-01-14, 06:10
You wouldn't get any help because the house is worth over 16 thousand I assume.


This is what confuses me, from what i thought it means is that physical assets does not count towards the 16 thousand... otherwise im sure if i sold my tele and computer and other assets they would be over 16 thousand in value thus i thought a house did not count.

Its so over complicated i have no idea whats going on =/

I agree im looking very far into the future but i would rather be prepared compared to have it all happen at once when im not prepared avoiding these things is what us anxious people do best..something i now try not to do.

xBettyBoopx
30-01-14, 07:11
I could be wrong:ohmy: but I thought whether it's money or bricks and mortar, it's the same thing. Best bet is to go to CAB they will know.

ricardo
30-01-14, 08:53
I don't know your exact circumstances but in general everything Els has said is absolutely correct.

I also think you are looking too far ahead but if you thinking that far ahead it gets mighty complicated.
If your parents were to die I presume you and any other siblings would inherit the house and there may well be Capital Gains to pay, there maybe an outstanding mortgage and numerous other things to consider.
I presume you are far too young for equity release and that you have no one to pass any asset on to,but whatever the circumstances are I would concentrate on getting yourself better and concentrate on the now.

hanshan
30-01-14, 12:02
Do take reasonable steps to know what lies ahead.

There should be ways you can get cost-free financial advice, either via a charity or government agency.

Kells81
30-01-14, 20:30
Hiya

If you live in the property then the value of it does not count towards the 16k limit, you also don't include the value of any of your possessions or the value of your car.

Xx

---------- Post added at 19:14 ---------- Previous post was at 19:12 ----------

Actually I just seen some other info that says it does count so I'm a bit confused now! Some documents say it does count and some don't!

---------- Post added at 19:30 ---------- Previous post was at 19:14 ----------

I've looked into it some more and if you live in the property (and it's your only property) the value does not count towards the 16k

Here is a copy and paste:

The amount of capital (such as savings) that you have may affect the amount of income-related Employment and Support Allowance (ESA) you get. If you have too much capital, you can't receive income-related ESA.
If you have less than 6,000, this will affect your claim. If you have more than 16,000, you can't claim income-related ESA.
Capital includes most things you've saved up, such as money in the bank or building society, premium bonds, unit trusts, investments, stocks and shares. If you're in a couple, your joint savings will be counted.
If you own property, the value of this may count. The house you live in, even if you own it, doesn't count and nor do your personal possessions. If you've sold your home and you're going to buy another one, the sum you've set aside for this purpose won't count for six months. If you've had a personal injury and received compensation, this may not count as capital if your compensation award is in a trust (or you've received the money within the last 52 weeks).

WG
15-02-14, 22:40
Hiya

If you live in the property then the value of it does not count towards the 16k limit, you also don't include the value of any of your possessions or the value of your car.

Xx

---------- Post added at 19:14 ---------- Previous post was at 19:12 ----------

Actually I just seen some other info that says it does count so I'm a bit confused now! Some documents say it does count and some don't!

---------- Post added at 19:30 ---------- Previous post was at 19:14 ----------

I've looked into it some more and if you live in the property (and it's your only property) the value does not count towards the 16k

Here is a copy and paste:

The amount of capital (such as savings) that you have may affect the amount of income-related Employment and Support Allowance (ESA) you get. If you have too much capital, you can't receive income-related ESA.
If you have less than 6,000, this will affect your claim. If you have more than 16,000, you can't claim income-related ESA.
Capital includes most things you've saved up, such as money in the bank or building society, premium bonds, unit trusts, investments, stocks and shares. If you're in a couple, your joint savings will be counted.
If you own property, the value of this may count. The house you live in, even if you own it, doesn't count and nor do your personal possessions. If you've sold your home and you're going to buy another one, the sum you've set aside for this purpose won't count for six months. If you've had a personal injury and received compensation, this may not count as capital if your compensation award is in a trust (or you've received the money within the last 52 weeks).

So from reading that i still am able to get financial support and won't be forced to sell my home even on disability?

KLP
15-02-14, 23:04
I would imagine parents would need to transfer the house into your name, otherwise you'd be entitled to inheritance tax. Then the savings would be 16k plus not to be eligible for benefits. I'm not expert by any stretch of the matter.

WG
15-02-14, 23:30
I don't follow how inheritance tax means im over 16k in savings? Where as not being taxed means i don't have over 16k savings?

Magic
16-02-14, 10:40
I think everyone who have there own property and siblings should make a will

WG
17-02-14, 00:07
I think everyone who have there own property and siblings should make a will

I'm only child :P

andyjs
05-03-14, 04:46
I'm an ex-benefits officer and can confirm 100% that (under current legislation) if you were to inherit the property and continued to live in it then the value would not count towards your capital should you claim benefits (i.e. jobseekers/ESA/universal credit). You wouldn't be able to claim Housing Benefit for it though (as obviously you'd have no rental liability).

If you moved out and rented your new home while the property was for sale then you could claim Housing Benefit. The value would be disregarded for six months (might be a year, can't quite remember) if it was on the market. This grace period can be extended (theoretically indefinitely) as long as you can show you've taken reasonable steps to sell it (i.e. the asking price is similar to the valuation etc). This is how it works for Housing Benefit - I'm pretty sure it's the same for JSA/ESA etc.
If you then sold the property then any capital received would count towards any benefit calculation, and you wouldn't be able to continue claiming until your capital dropped to below 16k.

If you moved out but did not put the property on the market (e.g. you rented it out) then things get stupidly complicated (rental income can count as capital not income depending on stuff I can't quite remember).

Hopefully this won't be an issue for you for a very long time though. Might be worth giving the DWP a call to clarify things.