Hi All
Help please
Client is 64years and is selling her home with intent to buy another.

CPAG Handbook (p941, 4th bullet point), states that for people under 60years, "if you sell your home and intend to use the money to buy another, the capital is ignored for 26weeks or longer if reasonable"

However the equivalent rules for people over 60years (CPAG Handbook p 962), do not appear to include this.
Any ideas..?

It does not appear in the schedule to the PC regulations either, although the other property disregards do...

I have no idea why this is, but I would guess it relates to
1) it's money not property (like the other property disregards);
2) there is no capital limit for PC;
3) older people may be less likey to buy a home - especially if they need a mortgage.

Thanks for that. Most peculiar! Linus

The period of disregard is either to the end of the AIP if there is an AIP or
one year from the date of the payment whichever is the longer period or
for one year from the date of receipt of the payment if no AIPapplies.

SPC Regs, Sch V, Part I, para 17

Money which a person gets to buy, repair or alter a home
The law

Money which a person gets, or which is deposited in a person’s name, is disregarded for the period above if it is for the sole purpose of

1. buying premises which the person intends to occupy as the home or

2. paying for essential repairs or alterations to the premises

2.1 occupied as the home or

2.2 intended to be occupied as the home.

Sch V, Part I para 19

Essential repairs or alterations are those which are needed to make the home fit to live in by the claimant, or the claimant’s partner. For example, it is essential to repair the roof to make the home fit to live in if the roof is letting in water.