LISA - Do i qualify?

JMDLondon

 I am researching LISA and Help to buy ISA for the first time, however i am not sure i qualify. A few years ago my Nan passed away and left her house to my sister, mum and I. My mum (who is 65) lives in the house and i don't pay anything towards it, or receive any money from it.

I am not sure if i would qualify for a LISA or Help to buy ISA as my name is on the property deeds. I am looking for some clarification on this.
Also, if My Mum were to sell and move house, would this affect if I qualified or not?

Thanks in advance

Best wishes
Jolene

sully1311

No you don't.

Slithery

JMDLondon said:

Also, if My Mum were to sell and move house, would this affect if I qualified or not?

No, but you may find yourself with a CGT bill.

onwards&upwards

You can still get a LISA for retirement saving, but not for a property.

JMDLondon

Thank you, does anyone know if this would also be the case for shared ownership? 

Thanks in advance

diggingdude

just to add you can't get a new h2b isa as they are closed to new applicants.  As said you could get a LISA but that us potentially a very long term commitment as you will only be able to use it for retirement savings as you own a property

macman

Your mum should be paying a commercial rent on the 66% of the property she does not own. Otherwise, on her death, the whole value of the property (not just her 33%) will be considered to be within the estate for IHT purposes, as it's clearly a Gift with Reservation. If the estate is likely to be liable for IHT, then this is something you need to address.