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  • FIRST POST
    • Sam1234567
    • By Sam1234567 10th Jul 17, 1:23 PM
    • 1Posts
    • 0Thanks
    Sam1234567
    Advice Needed - First-Time Buyer
    • #1
    • 10th Jul 17, 1:23 PM
    Advice Needed - First-Time Buyer 10th Jul 17 at 1:23 PM
    I'm keen to open a LISA so I can save towards a new house but I'm currently trying to get clarification on the following (potential) problem;

    I currently have "nue-proprietaire" ownership to a property in the south of France.
    This has been defined on one website as "This is the reversionary interest in property, which grants the right of the freehold to a property, without the right to use it. A nue-proprietaire can sell, but a user fruitie has the right to remain in occupation.".

    (I found the following definition of user-fruitte also "Accordingly, a usufruit is the right to use property and to enjoy the revenues from it (ie, use fruit), without the right to destroy it or to sell it.
    The right can exist for a definite period of time or for the life of the user. Where it is for the life of the user it is known as a property en viager.")


    It might be a long shot asking but would this mean I'm technically not a first-time buyer in the eyes of British property law? My concern currently is that it contradicts the first-time buyer declaration terms of ownership, but I'm unsure.

    If this question is too difficult to answer, could anyone provide me with some advice on what to do?

    Thank you in advance!
    Last edited by Sam1234567; 10-07-2017 at 1:25 PM. Reason: Accuracy
Page 1
    • G_M
    • By G_M 10th Jul 17, 1:52 PM
    • 40,534 Posts
    • 46,370 Thanks
    G_M
    • #2
    • 10th Jul 17, 1:52 PM
    • #2
    • 10th Jul 17, 1:52 PM
    Well I suppose this is similar to where a tenant or occupier in the UK has a lifetime interest in a property. Quite common where, for example, someone dies and leaves their property to a son/daughter but grats their partner the rht to remain in occupation for life. The offspring only truly inherits after the partner's death, but (unfortunately for you) does own the property in the interim.

    Since the LISA rules say you must never have owned a property, worldwide, you would not qualify, in my inexpert opinion.edit: actually I can't find that rule! I think I remembered it from elsewhere - Help To Buy?

    However, Skipton (who seem to be the only lender offering LISAs at present) say:

    If you are buying with someone else, you can both use a Lifetime ISA as long as neither of you has owned a property previously.
    I assume this applies to a sole applicant too (though it does not say so), and I assume it means 'world-wide'.

    http://www.skipton.co.uk/savings/isas/cash-lifetime-isa

    I cannot find any definition either on the .gov site, or in the HMRC manuals.
    Last edited by G_M; 10-07-2017 at 2:14 PM.
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