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  • FIRST POST
    • kellym5
    • By kellym5 11th Jun 17, 10:26 AM
    • 8Posts
    • 0Thanks
    kellym5
    LISA Query for Married Couple
    • #1
    • 11th Jun 17, 10:26 AM
    LISA Query for Married Couple 11th Jun 17 at 10:26 AM
    Hi,


    I am sure I am not the only person in this situation but have not been able to find any specific guidance despite a rigorous search.


    I bought a house before my wife and I got married. I was the sole owner, named on the deeds and mortgage, and have always paid the mortgage from my account.


    We subsequently married. We are intending to move house in the near future and obviously I would like to take advantage of the government help to buy scheme for first time buyers, namely the LISA. Its quite clear that couples where one has owned a house and one has not can still do this (Obviously only getting an allowance for the first time buyer of the couple).


    The definition of a first time biuyer is someone who has not had an interest in a property before. On paper my wife looks like she would meet this criteria, but as she is my wife the property is now a shared marital asset should we decide to seperate.


    My quesiton is then, is she still considered a first time buyer for the purposes of a LISA?


    Any advice welcome, obviously the penalty for withdrawing £4k (If you do not qualify for the government bonus) is £250 so I do not want to get this wrong.


    Thanks
Page 1
    • greenglide
    • By greenglide 11th Jun 17, 10:39 AM
    • 2,863 Posts
    • 1,839 Thanks
    greenglide
    • #2
    • 11th Jun 17, 10:39 AM
    • #2
    • 11th Jun 17, 10:39 AM
    If your wifes name is on the deeds then she is a house owner. If it is not (and it sounds as if it isnt) then she isnt.

    Just because the house is part of the marital assets doesnt make half of it "hers", only a transfer of the property does that.

    If the assets were split in a divorce etc doesnt mean both parties get 50% of everything, does it.
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