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Money for house purchase

mickymoomickymoo Member Posts: 23 Connected
in Universal Credit
Good morning 
I am currently claiming HB universal credit council tax support and awaiting lcw/lcwra and have  been awarded pip
We live in a council house and plan to exercise our right to buy  with 67% discount we have had this planned for quiet some time
My plan was to cash in my pension and get a mortgage for the remaining balance but now unable to work so cant get mortgage 
But unfortunately my father passed leaving me some money  but be a few months before I get that but have got my pension money 
I have read on government sites that I can have savings for 26 weeks if it's for buying a home 
My main concern is if and how it will affect my benefits and what do I put on my journal and is it right about the 26 week rule 
Thank you in advance 
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Replies

  • janer1967janer1967 Community champion Posts: 7,399 Disability Gamechanger
    Hi and welcome to the community, I am sorry I don't have the answer to yur questions but hopefully other members will have more knowledge
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  • Adrian_ScopeAdrian_Scope Testing Team, Community Team Posts: 7,945 Scope community team
    Hello @mickymoo. I'm sorry to read about your father.

    The disregard for 6 months / 26 weeks is after selling your home, the money from a house sale is disregarded for upto 6 months/26 weeks if you're intending to use the money to purchase a new home. Unfortunately it's my understanding that this doesn't apply in your situation, and the money wouldn't be ignored. Any money you have is counted as savings/capital. If this is over £6,000 you need to let Universal Credit know. Between £6,000 and £16,000 they will deduct £4.35 a month for every £250 over £6,000. If you have more than £16,000 your Universal Credit will stop.
    Senior Community Partner
    Scope

    If you have a few minutes to spare, we'd appreciate your feedback on our online community.
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  • mickymoomickymoo Member Posts: 23 Connected
    @Adrian_Scope
    Thank for your reply I can pay my car loan and credit cards etc so that iam debt free or not????
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  • mickymoomickymoo Member Posts: 23 Connected
    @Adrian_Scope
    Hello Adrian does the £.4.35 per £250 per month affect HB or is it just whatever universal credit I receive no matter how it's made up
    Thank you
    Mickymoo
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  • mickymoomickymoo Member Posts: 23 Connected
    @Adrian_Scope
    Sorry to be a pain when I get my pension pot which will be any day now I plan to my car loan and credit cards straight away ie within hours do I tell universal this or the remaining amount once paid all my debts
    Thank you
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  • woodbinewoodbine Member Posts: 2,948 Disability Gamechanger
    With some legacy benefits this would have been seen as deprevation of capital however my understanding with UC this is ok, but you might want to check that with them.
    my advice is given freely and is correct to the best of my knowledge.
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  • mickymoomickymoo Member Posts: 23 Connected
    @woodbine
    Thank you for your reply so are you saying I can pay my debts  of  if so do I need to tell uc that I am paying debts of first or do I pay all my debts then tell them what I have left 
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  • janer1967janer1967 Community champion Posts: 7,399 Disability Gamechanger
    I personally wouldn't do anything without getting some expert advice from welfare rights or CAB 
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  • woodbinewoodbine Member Posts: 2,948 Disability Gamechanger
    @janer1967 exactly, its always best to get further advice, in fact I would check with UC themselves.
    my advice is given freely and is correct to the best of my knowledge.
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  • janer1967janer1967 Community champion Posts: 7,399 Disability Gamechanger
    I agree @woodbine but sometimes they dont have a lot of knowledge themselves especially at present as they are all working in diff depts to cover . 
    Also sometimes people dont actually want to discuss their financial situation with DWP 
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  • woodbinewoodbine Member Posts: 2,948 Disability Gamechanger
    @janer1967 tell me about it, I had a really strange conversation with the DWP last week but in @mickymoo situation with an inheritance and pension he will have to tell them.
    my advice is given freely and is correct to the best of my knowledge.
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  • janer1967janer1967 Community champion Posts: 7,399 Disability Gamechanger
    I agree he does have to tell them just think he needs advice before he does 
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  • mickymoomickymoo Member Posts: 23 Connected
    @janer1967 @woodbine thank you for your input I,am going to workout how much my car finance personnel loan and credit cards are to clear then as soon as I get my pension pot tel uc the exact amount I've got and the exact amount I,ll be paying out to clear my debts I,ll wait about telling them my inheritance as I dont know when that will come through due to it going to probate and unsure of the amount just have to bite to bullitt and see what they say
    Thank you for your comments 
    Mickymoo 
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