Property value on UC claim

[Slinkyminky22]

When completing a universal credit claim, how do I work out the value on the "owning property or land other than your own home" box?

So say the property is worth £20,000
Balance on the mortgage is £10,000

Do I put £20,000 in the box, despite the fact I don't/can't earn that amount from the property. Or do I put £10k or another amount?

Thanks for any wisdom.

I genuinely think they shouldn't have brought that 12 month protection in so people like these profit whilst those who went on UC straight away can't have more than £16k. Plus saying she is on a low income. 🫣

Yes I agree why wasn’t it just the case of if you have over 16k you just don’t qualify rather than you do and have 12 months ?

Because they made a promise no one would be worse off on UC. Which is only true for 12 mths.

Sorry op but my friend had to sell her second home that she rented out when she transitioned to UC from TC as she had more than £16k equity in that property. I personally agree with the policy but empathise it was hard for her as she had hoped to keep it as an asset for her children's future.

She used the equity from the sale to renovate the home she lived in and buy a car which has helped keep her outgoings low while she remains on a low income through pt work with UC top up while she has small children.

Isn’t that deprivation of assets to renovate and buy things and claim UC rather than to use the money from a property sale to live off and not claim UC?

Apparently not, she is very savvy and it was all done within allowed limits. I assume she had some transitional protection for the first 12 months and I suppose it isn't completely unreasonable to install new uPVC windows, boiler, radiators as in the interests of her children to live in a warm comfortable house. She upgraded a v old second hand car to a newer second hand car as it enables her to get to work. She also bought clothes for the year ahead for her boys so nice winter coat, shoes. She replaced her kitchen as well which is the one thing that was more of a luxury, but it is an ex council house (she bought it from the previous owner occupier not the council) so it was pretty outdated with doors hanging off so I guess she must have been able to argue it was reasonable expenditure.

She's not rich, just benefitted from a small inheritance when a relative died that enabled her to keep her first home as a rental and buy a modest family home in a fairly rough area of our town. I would have preferred to sell the first home and buy something nicer for my family home and if she had done so she still would have been entitled to UC living in the more expensive house so I guess there are lots of different circumstances at play.