I have an existing owner occupier with some savings, but already getting guarantee credit. They want to purchase a retirement property either outright or through shared ownership. I have assumed that if they use their existing savings for this (not just equity from sale of current home if any) that this will be classed as deprivation of capital and the savings will still be classed as notional. So their PC will not increase as a result if reduced savings - is this correct?
As they get PC(GC) already, will they then be able to get their housing costs for any service charge, ground rent etc as well? technically this is just reassessing the existing PC claim to take account of different costs, but I am wondering if any additional costs will be excluded as part of a deprivation issue, and their PC will remain unaltered?
I am also wondering if they could now get any guarantee credit towards these new housing costs (provided their income etc now qualifies), even if they didn't qualify for PC(GC) in their previous home?
I am finding the various scenarios a bit confusing!
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