Am I able to use a Lifetime ISA?

Thanks1245

I am 18 and would like to get a lifetime ISA to begin to save for when I eventually want to by my first house. However I am aware that lifetime ISA’s are only available to first time buyers and homeowners. My Grandad has passed away and left his house to me and my sister but it is currently in trust with my Dad. Since I don’t technically own and never have owned a house am I able to use a lifetime ISA or does him leaving it to us in his will stop us from using it. Any help would be great thank you.

WillPS

I think what matters is that you personally have never owned a house (even briefly in the case of inheritance). It doesn't sound from what you're saying like you have (even partially) owned a house. Please take advice and write back if you get a definitive answer.

Albermarle

However I am aware that lifetime ISA’s are only available to first time buyers and homeowners

A LISA can be opened by anybody over 18, and not older than 40, and 25% will be added by the government, with a limit you can add up to £4K per tax year.
The issue is how you can use the money. You can either use it towards a first home purchase, or you can leave it until age 60 and take it then ( like a kind of mini/extra pension pot). If you withdraw the money for any other reason, then you lose 25% of it.