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First time buyer advice (purchasing with non-first time buyer)
george_94
Posts: 1 Newbie
Hi All,
Me and my partner have had an offer accepted on a property in London for £567,550. I intend to pay £30k deposit and my partner pay £120k deposit.
I am a first-time buyer, but my partner is not and has agreed a sale of his current property (we a cohabiting partners and not married).
As far as I am aware, I lose all my "first-time buyer" benefits due to the property value and the fact that my partner is not a first-time buyer.
I have a sum tied up in a LISA. I know that I lose roughly 6% of this to get it out, so my questions are:
1) Is there any way of still using my LISA and avoiding the 6% loss of my own money if I withdraw it to use? (i.e. can it be fudged, as my "share" is less that £450k and we are not married?)
2) Are there any other first-time buyer benefits that remain, even though my partner is not a first-time buyer?
Thanks in advance!
George
Me and my partner have had an offer accepted on a property in London for £567,550. I intend to pay £30k deposit and my partner pay £120k deposit.
I am a first-time buyer, but my partner is not and has agreed a sale of his current property (we a cohabiting partners and not married).
As far as I am aware, I lose all my "first-time buyer" benefits due to the property value and the fact that my partner is not a first-time buyer.
I have a sum tied up in a LISA. I know that I lose roughly 6% of this to get it out, so my questions are:
1) Is there any way of still using my LISA and avoiding the 6% loss of my own money if I withdraw it to use? (i.e. can it be fudged, as my "share" is less that £450k and we are not married?)
2) Are there any other first-time buyer benefits that remain, even though my partner is not a first-time buyer?
Thanks in advance!
George
1
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