25. How is capital valued?
Capital is calculated at its current market or surrender value, less 10% if there would be costs involved in selling and less any mortgage or debt secured on it.
Joint capital – If you own property or other capital jointly with anyone else, so that each person owns the whole asset jointly with no separate or distinct shares, then you are treated as though you own an equal share. For example, if four people jointly own £1,000, each is treated as owning a quarter of it: £250.
However, if you share the property as tenants-in-common rather than as joint tenants, the share you are treated as owning should reflect the actual split.
The decision maker must establish the market value or price that a willing buyer would pay to a willing seller for your share. The market value could be low or even nil if other joint owners would not be prepared to sell the property as a whole or to buy your share of it.