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Selling and buying a new home on benefits and impact of SMI
- edith
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7 months 4 hours ago #290200 by edith
Selling and buying a new home on benefits and impact of SMI was created by edith
I have 4 p questions really but all related to the same issue
I am trying to sell my flat to buy a house as the flat is not looked after by the mangt company and is constantly in need of repairs which I can’t afford .
1) Will I be allowed to buy a more expensive property by increasing my mortgage and will I have to pay back the SMI loan on the property or can I transfer it to the new property and is there a timescale for this
2) It’s possible that I may not be able to buy and sell at the same time so will my income from the sale be treated as capital and will it affect my benefits (income related ESA and PIP) I fully intend to use all the capital on my next purchase which I hope to happen within 6 months
3) my mum has offered to pay of the SMI loan if that is more beneficial to me but I’m not sure how this would also affect my benefits. Would that be regarded as my income if she paid the loan company directly
4) can my mum contribute to the cost of my new house without it affecting my benefits
I am trying to sell my flat to buy a house as the flat is not looked after by the mangt company and is constantly in need of repairs which I can’t afford .
1) Will I be allowed to buy a more expensive property by increasing my mortgage and will I have to pay back the SMI loan on the property or can I transfer it to the new property and is there a timescale for this
2) It’s possible that I may not be able to buy and sell at the same time so will my income from the sale be treated as capital and will it affect my benefits (income related ESA and PIP) I fully intend to use all the capital on my next purchase which I hope to happen within 6 months
3) my mum has offered to pay of the SMI loan if that is more beneficial to me but I’m not sure how this would also affect my benefits. Would that be regarded as my income if she paid the loan company directly
4) can my mum contribute to the cost of my new house without it affecting my benefits
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- Gary
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6 months 4 weeks ago - 6 months 4 weeks ago #290234 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Selling and buying a new home on benefits and impact of SMI
Hi edith
Your questions are outside the remit of the forum, we would advise you to seek advice from your local Welfare Rights Organisation; advicelocal.uk they will be able to take all you details into consideration when giving you advice.
Your PIP will not be affected but your IR ESA could depending on your circumstances.
As it is a housing issue, you may want to contact Shelter for advice; england.shelter.org.uk/get_help
Gary
Your questions are outside the remit of the forum, we would advise you to seek advice from your local Welfare Rights Organisation; advicelocal.uk they will be able to take all you details into consideration when giving you advice.
Your PIP will not be affected but your IR ESA could depending on your circumstances.
As it is a housing issue, you may want to contact Shelter for advice; england.shelter.org.uk/get_help
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Last edit: 6 months 4 weeks ago by Gary.
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