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Posted Fri, 29 Dec 2023 12:11:11 GMT by
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.
Posted Tue, 09 Jan 2024 12:38:29 GMT by HMRC Admin 5
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
Posted Wed, 10 Apr 2024 21:56:36 GMT by Topherstewart11 Stewart
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?
Posted Fri, 19 Apr 2024 11:09:37 GMT by HMRC Admin 25
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. 

 

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