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Post by terminator on Jun 24, 2022 10:12:41 GMT
I recently bought my flat off the council after my mother died in Jan 2019. All was going well between me and my brother until it came to the will, he put a couple of thousand pounds that my mother kept at home plus her state pension from the post office after notifying the DWP of her death, a total of around £2700 into his bank account. He changed the locks on the doors within a month of her death as my daughter went down to get something to do with her estate as she was dealing with it for me.
I haven't spoken to my brother since July 2019 and I don't want too. He had to admit to putting money that she had at home plus her pension she got from the DWP into his account after I got a solicitor.
The home had to be sold because I wanted to buy my flat and the DWP would stop my ESA, which they did as soon as the sale went through and the money was in my account as I notified them the day after it went in.
As far as I'm aware he used his portion plus a loan to buy a place. He was hoping I wouldn't find out where he moved too but I did when he wanted to alter his gmail account password it notified me of this and his address. I still don't want anything to do with him as overall I'm about £7500 out of pocket with the solicitors fees and that's minus the fees for selling my mothers bungalow.
I've still got over £16,000 in my account so cannot get the ESA restored but the way things are it will be about 14 months before I can ask for it to be restored even if they put it on as UC and this will see me lose about £1200 per year on it being a UC rather than the old style payment.
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Post by philbadfactor on Jun 25, 2022 7:59:15 GMT
I bought my flat in 2004 under RTB as well. Interest only mortgage which I was getting benefit for till Osborne pulled it. Offering instead a loan which bears interest. So an interest bearing loan to pay the interest on another loan didn't seem like a good idea. With interest rates being extremely low I've struggled to pay this myself ever since. However rates are going up and up. So now I've had advice to get the loan. The interest on the loan is 0.8%. Doing the sums, at my current pay rate this will cost me about £13 a year in interest. But thinking it through, the interest is essentially nominal. But of course the loan has to be paid back, as does the mortgage. The mortgage now has 7 years to run. My repayment method is selling the flat and buying another place with what's left. The problem is that house prices have skyrocketed but flat prices haven't. Hence I've been caught flat footed.
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Post by terminator on Jun 29, 2022 11:04:33 GMT
I paid cash for the flat after the sale of my mothers bungalow. A Chinese couple bought it after putting in two low bids that I rejected but my brother accepted first two bids was only £190,000, I think the second one was £205,000, that's what it would have being worth in 2001 they finally put in a bid of £220,000 that we both accepted. I think my brother just wanted anything offered just to P155 me off. He basically had enough savings that he could have got about a £10,000 loan rather than a mortgage to pay for the place he bought.
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