LISA for first house of someone that owns a house outside the EU

forbidden1949

I have moved from outside EU to the UK in 2016 with my wife. I have opened a LISA for both of us and we have £1k each on each LISA. I bought a house in 2013 and still owns it.

I'm currently in a work visa which I'm renewing for ILR next year.

Although I'm not a first time buyer, technically I am a UK first time buyer.

Will I still be able to use the LISA to buy my first house in UK?

bowlhead99

forbidden1949 said:

Although I'm not a first time buyer, technically I am a UK first time buyer.

Will I still be able to use the LISA to buy my first house in UK?

It will be your first house in the UK, but you are not a first time buyer for the purposes of the LISA rules, because you have previously owned residential property somewhere else in the world. 

This won't be your 'first time' owning a house, so you're not a 'first time' buyer. 

The only 'technically' that matters is the definitions in the LISA rules - you can't make up your own rules and say you have never owned property in the UK so you are a first time buyer. They don't ask if you have 'never owned a house in the UK', they ask that you are a person who has never owned (as sole or joint owner) an interest in residential property, anywhere in the world.

sully1311

forbidden1949 said:

I have moved from outside EU to the UK in 2016 with my wife. I have opened a LISA for both of us and we have £1k each on each LISA. I bought a house in 2013 and still owns it.

I'm currently in a work visa which I'm renewing for ILR next year.

Although I'm not a first time buyer, technically I am a UK first time buyer.

Will I still be able to use the LISA to buy my first house in UK?

You’ll want to remove your money from the LISA before the withdrawal rate goes back up, if you’re not planning to use it for retirement, as you’re current plan will break the rules.