Shared ownership

4 replies

shellyleppard · 11/11/2023 08:11

Warning this is slightly complicated so please bear with me.
I own a half share of a property with my elderly father. I do not want or intend to live there. It's my dads home and he wants to live there for the rest of his life.
I'm receiving universal credit benefits. Do I need to declare it??
I have signed paperwork with the solicitor saying my dad can live there and I won't sell it until he agrees.
But do universal credit need to know??

OP posts:

Luzina · 11/11/2023 08:16

According to this Entitled to website link you do need to declare any property you own that you don’t live in

Benefits Calculator - entitledto - independent | accurate | reliable | www.entitledto.co.uk

Check what benefit entitlement you are entitled to. The entitledto benefits calculator will check which means-tested benefits you may be entitled to e.g. tax credits, universal credit, housing benefit …

https://www.entitledto.co.uk/help/own-other-property

Celebrationsnakes · 11/11/2023 08:20

Yes you'll need to declare it and you'll have to pay CGT when it eventually gets sold.

Zanatdy · 11/11/2023 08:37

Yes you do

Original poster

shellyleppard · 11/11/2023 10:15

Thanks muchly. Wasn't sure as I won't be living there x

OP posts:

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