ESA and Savings

jamesnorman

Hi, anyone advise please?

I am on benifits, esa and pip, and because of this I cannot have more than £6000 savings in the bank.

I am soon to sell my house for £250,000 and it is going to take a few weeks to buy a new one.

Once I sell, the £250,000 would have to go into my bank account, even though it would be temporary until I buy a new property.

But this would take me over the £6000 limit for recieving esa.

Is the £250.000 in my account going to cause me problems or is it ok as it will only be in my accound a few weeks?

Has anyone been in this situation and could you advise please?
Thank you very much

poppy123456

If you're planning on buying another property then the money can be disregarded for 6 months. (sometimes longer) You will need to report the changes once you sell your house and the money goes into your bank. It will then be a decision maker who will decide on the disregard. You will likely need proof that you're planning on buying another.

This only applies if any of your ESA is Income Related. For contributions based/News style savings are not relevant.

jamesnorman

Thank you Poppy, much appreciated