Can my partner use their Lifetime ISA to buy into a property I already own?

cinnamontoast

I currently own a house with my brother (joint tenancy). There is no mortgage on the property at the moment, and it is valued at around £200,000.

We're considering the option of my partner buying out my brother's half of the property. We would have to take out a mortgage to pay my brother. My partner is a first-time buyer so would he be able to use the government bonus from his lifetime ISA for this? I'm just looking into our options at the moment but struggling to find this out because our situation seems pretty specific!

FashionHeart

Unfortunately not as you currently own the property.
In order to qualify as a First Time Buyer (FTB), all applicants have to be first-time buyers in order to qualify for stamp duty relief.
This is for joint mortgages.

I was in the same situation as you 2 years ago for my first mortgage for the family property (my sister and her husband owned).
My brother-in-law had to transfer his share of equity into my name as it made sense to have my name on the property instead of his.

 

DE_612183

FashionHeart said:

Unfortunately not as you currently own the property.
In order to qualify as a First Time Buyer (FTB), all applicants have to be first-time buyers in order to qualify for stamp duty relief.
This is for joint mortgages.

I was in the same situation as you 2 years ago for my first mortgage for the family property (my sister and her husband owned).
My brother-in-law had to transfer his share of equity into my name as it made sense to have my name on the property instead of his.

 

Hi FH - you're talking about stamp duty - for Lifetime ISA I believe that only one person needs to be a FTB ( the person who has the LISA ).

There is a form you have to fill in, so I guess there could be complications when you give the current address of the other person, as the address you are living in - although it's not uncommon for renters to purchase the property they live in.