LISA first time buyer

Cymru81_2

I’m trying to save a deposit to buy my first ever home.
I’ve opened a LISA account with Skipton to maximise my savings. However my concern is as my savings goal will take around 5 years, I have an elderly mother and am concerned that if the worst was to happen and she was to pass away within this time, would the family home which will be left to us 6 children, be classed as my first owned property until it was sold? Therefore loosing the 25% bonus from the LISA account.
I’m sure I’ve read something which suggests such a thing.
I don’t plan to use a LISA for retirement.
Thanks in advance :beer:

Slithery

Does the will specifically state that the house is to be signed over to all 6 siblings (this would have to be in a defined trust as you can't have more than 3 owners of a property), or does it just say that the estate is to be split equally?

If the later then you would never actually have any share in the ownership of the property as it would be sold by the estate before the proceeds were split and you would still be an FTB - unless you voluntarily decided you wanted a share of the property instead of the cash.

pphillips

If you're talking about a gift of residue, the executors of your mother's estate should be able to sell the property as part of the estate administration process so that you get to keep your first time buyer status.

Cymru81_2

Thank you for your reply Slithery and pphillips

My mother has not written a will, neither did my late father who left everything to my mother. It is understood that the estate will be split equally between us 6 siblings.

Hopefully good old mother will be with us for another 20 years, however I was wary to invest into a LISA if I was at risk of losing out of the worst was to happen.

Sounds like I’m safe to throw money into the LISA?

Thank you both so much :j

Finchy2018

My father died without a will. The property was sold as part of the estate and not transferred in anyone's name. My self and one of my siblings have kept our ftb status.

Cymru81_2

Thank you for your reply Slithery and pphillips

My mother has not written a will, neither did my late father who left everything to my mother. It is understood that the estate will be split equally between us 6 siblings.

Hopefully good old mother will be with us for another 20 years, however I was wary to invest into a LISA if I was at risk of losing out of the worst was to happen.

Sounds like I’m safe to throw money into the LISA?

Thank you both so much :j

Cymru81_2

Sorry didn’t mean to duplicate the post.

Thank you Finchy2018 sounds like a similar situation.

This is good news

Finchy2018

I would add, if your mother would consider a will that could save your family alot of stress, family relationships have been strained (not through greed, but probably grief). Maybe because I have never had to deal with that situation before but trying to work out what dad would have wanted was very tough when it came to extended family and wanting to do the right thing. I hope we managed it, but will never know for sure.