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Means test - own undeveloped site

  • 01-06-2011 11:24am
    #1
    Builderfromhell
    Registered Users, Registered Users 2 Posts: 1,570 ✭✭✭


    Have applied for Lone parents allowance.
    My wife and I bought a site about 15 years ago.

    I had started the process of transferring this property to my wife's name but the process is still not complete. The property is still in my name. The value of the property is unclear in the present economic situation. I'd say max. 50,000 but more likely 30,000.
    Have checked out SW site and they talk about people owning farms or houses but not sites.

    Anyone know if this site will be counted for as means in assessing my income?


Comments

  • #2
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    I would have thought an asset like development land would most certainly be counted as part of means.
    Doubtless someone here will know for sure.


  • #3
    Granger13
    Closed Accounts Posts: 103 ✭✭Granger13


    Builderfromhell wrote: »
    Have applied for Lone parents allowance.
    My wife and I bought a site about 15 years ago.

    I had started the process of transferring this property to my wife's name but the process is still not complete. The property is still in my name. The value of the property is unclear in the present economic situation. I'd say max. 50,000 but more likely 30,000.
    Have checked out SW site and they talk about people owning farms or houses but not sites.

    Anyone know if this site will be counted for as means in assessing my income?

    Only your own home is not counted in the means process, any land,savings or investment over €20,000 will be accessed at its captial value.


  • #4
    Builderfromhell
    Registered Users, Registered Users 2 Posts: 1,570 ✭✭✭Builderfromhell


    Thanks for the replies.

    I am thinking that if the site is valued at 50,000, then the first 20,000 is allowed which leaves 30,000. This would then be divided by 2 as property is in joint ownership (until transfer complete). That leaves 15,000 to be allowed for in means test. I understand 1 euro is taken for every 1,000 euro of means, that would mean my allowance would be reduced by 15 euro per week.

    50,000 - 20,000 = 30,000 / 2 = 15,000.
    1 euro per thousand = 15 euro.

    Does that look right?


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