Am I a first time buyer?!

emilyxbutler

Good afternoon!
I'm looking into saving with a Lifetime ISA, in order to purchase my first home in future. 
However, I'm not sure if I hold first time buyer status. If I don't, this will make me ineligible to withdraw money from the ISA when purchasing my first home. Here is the relevant criteria of a first time buyer:

• You’ve never owned a home previously, either in the UK or abroad

My Dad sadly passed away unexpectedly in January. My sister and I are joint beneficiaries of his will, but his estate is to be held in trust until we turn 25 (I'm currently 18). The trustees are my Aunt and Uncle. His house forms part of his estate, and I am unsure as to who is the legal owner of the property until my sister and I both turn 25. If my Aunt and Uncle are the legal owners, I plan to purchase my own first home before I turn 25 when I inherit Dad's estate. 

Looking for other takes on this situation really.
Hope everyone is staying safe! X
 

Emmia

Is the intention for the property to be sold by your Aunt and Uncle (with the proceeds kept in trust until you're 25) or is it intended that you and your sister would receive the property when you're 25, and you would then decide whether or not to sell? 

Comms69

The trust is the legal owner. 

Silvertabby

Please correct me if I'm wrong, but I thought that inheritances tied to a certain age weren't legally binding, and that the inheritance can be claimed once the beneficiary reaches 18? 

emilyxbutler

Emmia said:

Is the intention for the property to be sold by your Aunt and Uncle (with the proceeds kept in trust until you're 25) or is it intended that you and your sister would receive the property when you're 25, and you would then decide whether or not to sell? 

Thanks for your reply. The current plan is for my Aunt and Uncle to rent the house out until we are 25. We haven't yet discussed when we would sell.

Comms69

Silvertabby said:

Please correct me if I'm wrong, but I thought that inheritances tied to a certain age weren't legally binding, and that the inheritance can be claimed once the beneficiary reaches 18? 

Unless it's held in a trust. Which certainly is the way i've read it.

emilyxbutler

Silvertabby said:

Please correct me if I'm wrong, but I thought that inheritances tied to a certain age weren't legally binding, and that the inheritance can be claimed once the beneficiary reaches 18? 

Hmm.. Not entirely sure. I know that Dad's will states me and my sister will receive the estate upon turning 25, and the executors have a duty to adhere to the wishes of the will. Not heard anything about this but I don't know much at all about the legalities! 

blue_max_3

I have part inherited a house from my mother and wondered if I purchased a property, whether I'd have to pay the additional second home Stamp Duty. However, I was informed that the estate owned the property and was being sold on behalf of the estate. So, I think either way, you are still a first time buyer. That's my understanding at any rate!

greatcrested

blue_max_3 said:

I have part inherited a house from my mother and wondered if I purchased a property, whether I'd have to pay the additional second home Stamp Duty. However, I was informed that the estate owned the property and was being sold on behalf of the estate. So, I think either way, you are still a first time buyer. That's my understanding at any rate!

No idea what 'part inherited' means - either you've inherited or you have not. Or do you mean 'inherited a share of'?

Furthermore if the Executors of the Estate are selling the property, then clearly you have not inherited the property, and never will - you'll inherit the proceeds of the sale.

blue_max_3

greatcrested said:

blue_max_3 said:

I have part inherited a house from my mother and wondered if I purchased a property, whether I'd have to pay the additional second home Stamp Duty. However, I was informed that the estate owned the property and was being sold on behalf of the estate. So, I think either way, you are still a first time buyer. That's my understanding at any rate!

No idea what 'part inherited' means - either you've inherited or you have not. Or do you mean 'inherited a share of'?

Furthermore if the Executors of the Estate are selling the property, then clearly you have not inherited the property, and never will - you'll inherit the proceeds of the sale.

Correct, a share (typed for expediency). That is exactly the point I was trying to make. I think the OP would be considered a first time buyer in the same way.

Comms69

blue_max_3 said:

greatcrested said:

blue_max_3 said:

I have part inherited a house from my mother and wondered if I purchased a property, whether I'd have to pay the additional second home Stamp Duty. However, I was informed that the estate owned the property and was being sold on behalf of the estate. So, I think either way, you are still a first time buyer. That's my understanding at any rate!

No idea what 'part inherited' means - either you've inherited or you have not. Or do you mean 'inherited a share of'?

Furthermore if the Executors of the Estate are selling the property, then clearly you have not inherited the property, and never will - you'll inherit the proceeds of the sale.

Correct, a share (typed for expediency). That is exactly the point I was trying to make. I think the OP would be considered a first time buyer in the same way.

The OP is a first time buyer, but for different reasons.

The OP will inherit a property. 
You will inherit money.