Am I a first time buyer?!

blue_max_3

Comms69 said:

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

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

The probate was granted for us to inherit the house. We have chosen to sell without ever accepting the title. Couldn't it be the same for the OP? But even so, at the current time, he hasn't inherited anything has he?

Comms69

blue_max_3 said:

Comms69 said:

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

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

The probate was granted for us to inherit the house. We have chosen to sell without ever accepting the title. Couldn't it be the same for the OP? But even so, at the current time, he hasn't inherited anything has he?

I'm pretty sure you cant do that. However the funerals board will be more appropriate place for that discussion.

blue_max_3

Comms69 said:

I'm pretty sure you cant do that. However the funerals board will be more appropriate place for that discussion.

It doesn't matter as I'm hoping the sale is going to complete in a short time and I haven't bought in the meantime. I've owned before though so not a FTB. I asked the question directly with my solicitor and he told me that was the case though.

Comms69

blue_max_3 said:

Comms69 said:

I'm pretty sure you cant do that. However the funerals board will be more appropriate place for that discussion.

It doesn't matter as I'm hoping the sale is going to complete in a short time and I haven't bought in the meantime. I've owned before though so not a FTB. I asked the question directly with my solicitor and he told me that was the case though.

I'm pretty sure that the executor isn't allowed to vary the will. Which is in effect what this is. But in anycase, it's off topic for the OP.

blue_max_3

Comms69 said:

Apologies, there was no will. That is probably a significant factor!

Emmia

You may find this guardian article helpful - unfortunately, after reading it I think if you inherit the property or a share of the property you wouldn't be classed as a first time buyer - so it would probably be better if the property was sold before you gain access to the trust, so you'd only get the cash proceeds. 

https://www.theguardian.com/money/2018/dec/17/do-i-count-as-a-first-time-buyer-if-i-inherit-a-share-of-a-home-abroad

[Deleted User]

emilyxbutler said:

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
 

What kind of trust is it and who receives the rental income?

Emmia

Comms69 said:

blue_max_3 said:

Comms69 said:

I'm pretty sure you cant do that. However the funerals board will be more appropriate place for that discussion.

It doesn't matter as I'm hoping the sale is going to complete in a short time and I haven't bought in the meantime. I've owned before though so not a FTB. I asked the question directly with my solicitor and he told me that was the case though.

I'm pretty sure that the executor isn't allowed to vary the will. Which is in effect what this is. But in anycase, it's off topic for the OP.

Actually I think think the executor can vary a will, but needs the permission of the beneficiaries to do so.