53, need to put divorce settlement into property to keep top up benefits

[ej8888]

I have to declare the money straight away. Was separated and single parenting for 5 years, and I had to go through an appeal to get my top up benifits. Today's pay out is long-awaited, but I think that if I declare to the DWP that I am getting my payout, I can ask for them to hold over my benefits calim for up to 6 months to see if I can put it into some housing. MY health is not good, so I was considering a 25% - 35% share in a shared ownership and then paying rent on the rest, in case I need to retire on ill health. Any advice welcome, but I am not smart at maths, or invenstments. so please keep it simple.

How is your health? Why mention it?

I don't know benefits but do see the desire to get stable housing in 50s when health might make working more difficult.

Are you currently renting? Could you buy somewhere in full In a cheaper area?

Do you have a DC pension pot accessible from 55 or 57 that you could get some money from?

I'm under investigation for rheumatology, have high urate, lymphedema, lipoedema, reduced mobility. So hedging my bets, in case it all gets worse.

To buy cheaper would mean moving vulnerable son. Also, leaving frail parents' vicinity.

So you are looking for an apartment? That should be cheaper than a house which will help.

My concern would be whether you could afford mortgage repayments if you do shared ownership or 'normal' mortgaged purchase and then can't work.

I think you need some specialist legal advice around this. I'm vaguely aware of being able to ring fence housing not being taken into account on benefits grounds due to disability. (In the process of investigating this further for my own circumstances.)
Not sure if citizens advice can support or any disability charities. Sorry to be so vague but definitely worth investigating fully, especially with your health issues and how they will play out longer term.

The one thing universally agreed by everyone about UK property is that shared ownership is a scam and you will lose huge money on it. Don’t do it.

Does the law allow you to put it into a pension instead?

Do you claim UC? You may not get the settlement disregarded for 6 months if it’s not from the sale of a property you own. If it’s not disregarded it will close your claim if over 16k

I was a 50% owner, but estranged husband blocked it for years, then agreed to sell, thus the appeal for UC top up benefits succeeded. So yes, I owned it.

Is the lump sum enough to buy a property or the majority of a property with a mortgage?