OH buying me out help !

[Anonymous32]

We are separating I've paid Into a mortgage for 10 years, so he will buy me out. I'd have to go rent somewhere but I know I wouldn't be able to claim universal credits because of the amount of savings I would then have. Children would be staying 50 50. Once the savings have gone would i then be able to put a claim in for rent ? 🤔. There's no way I'd able able to take on another mortgage and to be honest I don't want too. X

I don’t know your situation but it doesn’t sound like a good plan to just spend all your savings on rent and wait for universal credit kicking in.
There must be another way. Moving to a cheaper area where you can afford to rent or maybe even buy?

Get legal advice it may be you will be entitled to a bigger share of the house.

For God's sake get legal advice. I paid £200 for an hour with a shit hot solicitor and took all the figures. Turned out my ex was not entitled to zilch and I was going to hand over half my home. He had to leave with nothing. You could be entitled to much more.

If they’re not married the op is only entitled to equity based on how the deeds are held - joint tenants ( 50:50) or tenants in common ( 50:50 unless specified unequal shares)

there’s none of this see a solicitor and get more stuff

if op is not on The deeds then she’d be due nothing

Equally is op owns the house and partner not on the deeds he’s due nothing

It doesn't sound like OP is married so her rights will be much diminished as an unmarried partner. But OP you should definitely get legal advice to ensure you're getting everything to which you're entitled.

As far as your question goes, yes you'd be expected to use your savings for rent until you're below £16k, you'd then be able to claim the housing benefit portion.

Thank you all. Its an amicable split, we aren't married, I'm pretty sure it'll all be done by the book, i was just asking what happens with savings/benefits ect x

Pretty sure or you are sure?

Married or not you need to make sure your children get a home with both of you

No-one can tell you anything for definite. Each case is different, but savings wise, the proceeds from the sale of the house/buy out may fall to be disregarded for a period of up to 6months.

Schedule 10 paragraphs 13 -15 of the UC regulations apply.

You must declare the capital to DWP and they will decide if it can be disregarded from the capital you hold. ^
^
It basically allows people who have separated/divorced time to find a new home and use the equity from the old home without being penalised.

Throwing round the capital limits without knowing the facts can actually deter people from claiming. Only a DWP decision maker can decide on your entitlement once all the info is gathered.

Yes that’s how it works unless you move to a cheaper area where you can afford a mortgage