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Lifetime ISAs and property held in trust
TheKingAndI
Posts: 4 Newbie
Five years ago a family member gifted my son (now aged 21) and daughter (now aged 17) a house. My husband and I are named on the title deeds as the owners, with the property held in trust jointly for our children. My son would like to open a Lifetime ISA, but we are not sure if a property held in trust means he would not be considered a first-time buyer. Any advice please. Thank you.
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Comments
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If it set up in a trust in the way you describe, and the property passed directly into the trust from the family member, then it would not disqualify them from making a penalty free withdrawal from a LISA to buy their first property.
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