Am I applicable for First Time Buyer Bonus on Lifetime ISA?

ryanward0205

I have never purchased a home or land etc, but when I was 15, my mother bought a house and my name is on the deed, does this count as me purchasing this house and therefore rendering me unable to claim the 25% bonus upon buying my first house?
Any help would be appreciated

moneysavinghero

If your name was on the deeds then you legally owned (still own?) part of that house so you will not be able to use a LISA.

eskbanker

ryanward0205 said:

I have never purchased a home or land etc, but when I was 15, my mother bought a house and my name is on the deed, does this count as me purchasing this house and therefore rendering me unable to claim the 25% bonus upon buying my first house?

It doesn't count as purchasing as such but on the face of it does count as owning, which is the test when looking to use a LISA without penalties:

“first-time buyer” means an account investor who is not, and never has been, a residential property owner;

[...]

“residential property owner” means an individual who owns as sole or joint owner an interest in residential property....

ryanward0205

Deleted_User said:

I thought you had to be at least 18 to own property? Or do you mean you mother bought a house when you were 15, and added you to the deeds later?

When the house was purchased (I was 15), both of our names went onto the deed

ryanward0205

Deleted_User said:

ryanward0205 said:

Deleted_User said:

I thought you had to be at least 18 to own property? Or do you mean you mother bought a house when you were 15, and added you to the deeds later?

When the house was purchased (I was 15), both of our names went onto the deed

I didn't think that was allowed, but IANAL ... :puzzled:

I am just as puzzled as you

underground99

ryanward0205 said:

Deleted_User said:

ryanward0205 said:

Deleted_User said:

I thought you had to be at least 18 to own property? Or do you mean you mother bought a house when you were 15, and added you to the deeds later?

When the house was purchased (I was 15), both of our names went onto the deed

I didn't think that was allowed, but IANAL ... :puzzled:

I am just as puzzled as you

Either way, if the house is registered at HM land registry (or equivalent in other countries) with you named on the deeds, it would be hard to say you have never been an owner of residential property.