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Selling my home

Katrina65

I currently have some equity in my home but have a mortgage I cannot keep up anylonger. I claim ESA and PIP. The only solution we can come up with is that I buy a smaller property (I am only in a 3 bed anyway) and my daughter obtains the mortgage as I am 59 and won’t qualify for it. This would mean giving all of the equity to my daughter. Would I be able to continue to claim esa? Many thanks

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Comments

poppy123456

If any part of your ESA is Income Related then you can't just give away the equity because it could be seen as deprivation of capital.

Katrina65

What if it is jointly owned?

poppy123456

Jointly owned is different but would you need a mortgage for that?

Katrina65

Yes no where near enough to buy without.

poppy123456

Buying a home together for you to live in is fine. When you sell your current home, the equity in it can be disregarded for 6 months, sometimes longer if you plan on buying another home. You will be asked for proof that you're planning on buying another home and it will be down to a decision maker from ESA to make the final decision.

What you can't do is give the money away to your daughter for her to get a mortgage in her name only. This would be treated as deprivation of capital.

Katrina65

Many thanks for you advice much appreciated.

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