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Affect of inheritance on help to buy/lifetime ISA eligibility
konstantinovs
Posts: 36 Forumite
*gah. Meant to type Effect in title!
Hi. I've been saving in a help to buy isa since they were released in Dec 2015 and was planning on opening a lifetime ISA when they became available with the hope of buying in a year or two. However I recently heard that inheriting a property renders one ineligible as a first time buyer under these schemes.
A family friend unfortunately passed away last year and I inherited ~8% of the property (equates to about £6k). Does this mean I can no longer take advantage of the help to buy and lifetime ISAs? My dad is in the process of selling the property if that makes any difference at all.
Thanks in advance.
Hi. I've been saving in a help to buy isa since they were released in Dec 2015 and was planning on opening a lifetime ISA when they became available with the hope of buying in a year or two. However I recently heard that inheriting a property renders one ineligible as a first time buyer under these schemes.
A family friend unfortunately passed away last year and I inherited ~8% of the property (equates to about £6k). Does this mean I can no longer take advantage of the help to buy and lifetime ISAs? My dad is in the process of selling the property if that makes any difference at all.
Thanks in advance.
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Comments
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Sorry to bump, but does anybody happen to know the answer to this?0
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konstantinovs wrote: »*gah. Meant to type Effect in title!
You can edit, using the 'edit' button at the end of your post.0 -
If the house is still part of the estate and needs to be sold to distribute the assets, then I imagine it wouldn't be counted as owning a house, as you will not be on the Land Register as owner and will just receive money.0
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Really owning 8% of a property is just a big pain in the backside. If the estate is still going through probate, let the executor know that you want your share of the house in cash. This will require either the the other beneficiaries buying you out or more likely force the sale of the house.
Unless the estate has already been distributed it will currently still belong to the estate, so you should be able to avoid owning a share in it.0
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