Withdrawing pension to buy my flat, will this affect my benefits?

Pieeater

Hi all,

Hoping someone can give me some advice. I currently rent a flat from my local council, i receive pip/ income related esa, housing benefit. I have been on benefits the last 10yrs or so due to, ill health and had previously worked since 16 , i am now 58.

I am considering withdrawing my personal pension and buying my flat. As i ahve lived her many years i will get a 70% reduction on its valuation.

I expect the valuation to be around 80.000 so looking at 24.000 to purchase. Can anyone advise if this would affect any of my benefits.

Thankyou.

poppy123456

If you do this then you will need to time in spot on so that you could use the money to buy your flat straight away. If there's delay then your Income Related ESA would stop due to having capital of more than £16,000.

Are you also aware that if there's any repairs needed you will be responsible for those as well. At the moment because you rent your home then it will be your landlord that's responsible for that.

Housing benefit would stop of course.

Pieeater

Thanks Poppy for your time and info. Yes i am aware of the repairs situation. Was considering just taking advantage of the discount and investment. Lets be honest they dont give much else away to the disabled .

Pieeater

Once purchased though and within a time frame. You are confident my benefits would remain the same ?

poppy123456

ESA and PIP will not be affected because the home you live in is disregarded from means tested benefits.