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    • Nathan_Burns
    • By Nathan_Burns 11th Jan 18, 11:53 PM
    • 2Posts
    • 0Thanks
    LISA and Inheritance
    • #1
    • 11th Jan 18, 11:53 PM
    LISA and Inheritance 11th Jan 18 at 11:53 PM
    Hi all,
    I opened a LISA as soon as it became available and transferred all of my H2B money into the account.
    However, during the last few months, it had become quite likely that I am going to inherit a property from my mother before I can use the money savid in the LISA.
    As far as I am aware, if my name goes onto the deeds for the property, I can no longer use the LISA funds to buy a first house (even though the inherited house will be sold straight away)
    What should I do? Is there a legal way for me to inherit the property and sell it without my name being on the deeds (and 'voiding' the LISA)? Or is there a way that the house can be sold, and the money comes to me?
    The other consideration is it is not guaranteed that I will inherit the house before I buy my own, and so I don't want to move my money out of the LISA, becuase I will struggle to raise enough money to get a deposit otherwise. (If that makes sense!?)
    Any advice would be hugely appreciated. Please ask as many questions as needed!
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    • Tom99
    • By Tom99 12th Jan 18, 3:09 AM
    • 1,555 Posts
    • 1,010 Thanks
    • #2
    • 12th Jan 18, 3:09 AM
    • #2
    • 12th Jan 18, 3:09 AM
    Do you mean you are going to inherit the property under your mother's will?

    If so, on her death the property will pass to her estate and providing the executors of her estate sell the property and do not transfer the legal or equitable interest to you, but just give you the net proceeds, you will still be a 1st time buyer.

    That applies even if you are an executor as well as a beneficiary.
    • Nathan_Burns
    • By Nathan_Burns 13th Jan 18, 11:40 AM
    • 2 Posts
    • 0 Thanks
    • #3
    • 13th Jan 18, 11:40 AM
    • #3
    • 13th Jan 18, 11:40 AM
    Thanks for that information Tom, that does make sense.

    I have never had any experience with wills and have very little knowledge of them really, but I guess what you are saying is that if my mothers property is left of part of her estate, which is to be used to pay debts etc, and the house were sold, with a % of the remainder left to me, that is legal and doesn't impact the LISA.

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