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H2B/Lisa and Inheritance
PayItOff
Posts: 11 Forumite
Hi all,
So lets say it's been a bad few years in the PayItOff household - 3 deaths on my side and 2 in my partner's. Long story short my nan has passed away leaving no surviving spouse or children. Named executor has passed away too so all a bit messy. Anyway the will we do have says it will be split equally with anyone left.
So we're now not sure what our position is! I have both a H2B and LISA (first year is up in Jan). The plan was to drip feed H2B and then move over to LISA just before tax year which is a going well. But now am I blocked from using either as I'm technically inheriting 1/4th of an estate? - her owned house will be sold and none of us intend to live in it etc. Or am I just a beneficiary of an estate/ have I inherited a house as per the 'rules' or am I still classed as a first time buyer?
Obviously not an ideal situation when we had carefully planned the finances only for this bombshell. We even didn't transfer my partner's H2B > LISA as his grandparents are very elderly and expected to pass first! If/when do I lose this status as we were planning a purchase in the immediate future and have most of the deposit gathered.
Trying to not sound ungrateful as of course any inheritance is a privilege, just wondering if we need to get a shift on, particularly as there's a house we like 🤷♀️
So lets say it's been a bad few years in the PayItOff household - 3 deaths on my side and 2 in my partner's. Long story short my nan has passed away leaving no surviving spouse or children. Named executor has passed away too so all a bit messy. Anyway the will we do have says it will be split equally with anyone left.
So we're now not sure what our position is! I have both a H2B and LISA (first year is up in Jan). The plan was to drip feed H2B and then move over to LISA just before tax year which is a going well. But now am I blocked from using either as I'm technically inheriting 1/4th of an estate? - her owned house will be sold and none of us intend to live in it etc. Or am I just a beneficiary of an estate/ have I inherited a house as per the 'rules' or am I still classed as a first time buyer?
Obviously not an ideal situation when we had carefully planned the finances only for this bombshell. We even didn't transfer my partner's H2B > LISA as his grandparents are very elderly and expected to pass first! If/when do I lose this status as we were planning a purchase in the immediate future and have most of the deposit gathered.
Trying to not sound ungrateful as of course any inheritance is a privilege, just wondering if we need to get a shift on, particularly as there's a house we like 🤷♀️
Sealed Pot Challenge 10 #587 ~ (--.-- / £150)
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Comments
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Provided the property is not transferred to your name and sold via the estate with you receiving the cash, there's no problems with using H2B / LISA and you remain a FTB.
Mortgage started 2020, aiming to clear 31/12/2029.0 -
So we could both buy as FTB up until the proceeds of sale from her house are distributed.
I take it there's no way of me receiving my 'share' without excluding myself from both the H2B and LISA schemes?Sealed Pot Challenge 10 #587 ~ (--.-- / £150)0 -
If the estate sells the house and you inherit the cash, as opposed to you inheriting an actual share of the house, then you'll still be FTB and won't need to worry about thatPayItOff said:So we could both buy as FTB up until the proceeds of sale from her house are distributed.
I take it there's no way of me receiving my 'share' without excluding myself from both the H2B and LISA schemes?
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