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Family purchasing property in my name - would I qualify for a capital disregard until I move?

Martyandme999

So I'm very, very fortunate that my family are in the position to buy a property more suitable for my condition. They are putting the property in my name so it will be mine.

My contract for my rented flat ends in October and there is a chance the sale will go through before then.

The downstairs shower room needs retiling in order to be safe for me.

Would I be eligible for a capital disregard if I stay in my rented flat until then or will they count the property as excess capital immediately?

We might need to do some work downstairs to make it safe/suitable for me disability wise before I move in.

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Comments

chiarieds

Hi @Martyandme999 - as far as I can see you should be OK so long as you move into your new home within 6 months allowing time for the bathroom to be retiled, but see 4 (2) also.

The regulations have this to say about capital disregards:

4 - (1) Premises that a person intends to occupy as their home where—

(a)the person has acquired the premises within the past 6 months but not yet taken up occupation;

(b)the person is taking steps to obtain possession and has commenced those steps within the past 6 months; or

(c)the person is carrying out essential repairs or alterations required to render the premises fit for occupation and these have been commenced within the past 6 months.

- (2) A person is to be taken to have commenced steps to obtain possession of premises on the date that legal advice is first sought or proceedings are commenced, whichever is earlier.

https://www.legislation.gov.uk/uksi/2013/376/schedule/10

Hope this helps.

Martyandme999

Thank you ! This is really helpful! I hope it'll be okay from reading the legislation but it'd be nice to have confirmation from the DWP before proceeding ! First person who read my journal completely misunderstood the situation (somehow thought I wanted to move into the new property immediately)...didn't get a response for weeks and second person..also hasn't understood (said I wouldn't own the new property)- so it's been a month or so of trying to get an answer which is incredibly frustrating!