Lifetime ISA - "First home" question

I could utilise my Lifetime ISA to assist in purchasing my initial home. However, as I inherited a small, centuries-old (from the 17th century) property with limited habitability through shared ownership in a rural area in France—a country where I've never been a resident despite holding citizenship—I am uncertain if this would disqualify me from using my Lifetime ISA for acquiring my first home in the UK. I appreciate any assistance you can offer.

Hi

If you inherit a residential property, you are no longer classed as a first-time buyer, even if you never live in the property or only inherit a tiny share.  
In order to qualify as a first-time buyer you cannot own, or have owned, a dwelling, regardless of how it came into your ownership.  

Thank you

Hi, as a vicar in tied accommodation. Can I still purchase a house through lifetime isa? I will only be able to live in it when I’m not working and when I retire or if I lose my job. I am a first time buyer and don’t own a property. This house I buy through the Lifetime ISA would be my principal private residence. So in essence could I buy my principal private residence through the life time isa but still live in my tied accommodation?

Hi Topherstewart11 Stewart,
You do not own the tied accommodation, so if you purchased a property and you are a first time buyer, you should still be able to purchase with your life time ISA.
The age limits (18 -40) only apply when opening a life time ISA.
Please have a look at the guidance here:
Lifetime ISA
Your ISA provider should also be able to provide you with more information.
Thank you. 

 

As an executor and beneficiary of a will that stated simply that the value of the estate would be split between my Dad’s 3 children, myself included, can I still use a first time buyer LISA when part of that estate is a house that is being sold. I live in Scotland, the estimated house value was included in the Confirmation the lawyers sent to the court. Whilst we have confirmation from the court, the will has not been fully executed because the house has not yet been sold (it is in the early process of this). In our first meeting with the lawyer about the estate I said that I had a LISA and would this affect it - I was told it wouldn’t as I wouldn’t be recorded as an owner of the house. However, I have just received a document to sign that has me as the owner of the house. The type of sale is listed as executry. Under these circumstances can I still use my LISA to buy my first property?

Hi
Inheriting a proerty or a share of it, will not affect your Lifetime ISA, as you are not buying the property.

Hi, can you confirm if the following disqualifies a person as a first time buyer for the purposes of a LISA? (1) being a beneficiary (1/6) to an estate which included a property (2) title deed of the property was never transferred to the beneficiaries (3) the property was sold as part of the estate (a bare trust was created to dispose of the property) and the proceeds of the estare divided between the beneficiaries

Hi ,
 

That question is not strictly suitable for this forum but I have found some guidance here: The guidance on our internal system states the following “for the purposes of lifetime individual savings accounts (L-ISAs) 'first time property purchase' means anybody who has not already owned or held an interest in land or a building”. There is guidance on our external site here: Lifetime ISA     . Thank you .

If you have a Lifetime ISA, but you are looking to buy a home, but you are a first time buyer and they are not, are you able to still use the money from your Lifetime ISA?

Hi,
You can see guidance below, or you can check with your provider:
Lifetime ISA
Thank you.

Does inheriting a property via a Bare Trust disqualify me from using a LISA as a first time buyer, pls? According to Google, it doesn't, but reading the answers here, it seems that it might... Thank you.

Hi
In order to qualify for the first time buyer benefit of the LISA, you have to be buying your first EVER property – you can’t have owned a home anywhere in the world before, in any capacity – even a share of a home. Even if you inherited a home, never lived in it and sold it immediately, you still don’t count.

In regards to a lifetime ISA, what happens if you purchase a house over the £450,000 limit?

Hi,
You can still use the lifetime ISA, but you wont qualify for any of the perks associated with it.
Thank you