LISA question

arryzz

Hello hoping someone can advise . A Granddaughter is named as a beneficiary in a will of Grandfathers estate which includes a property. She won’t inherit a house , but does this mean she can’t have a LISA if named as a beneficiary on a will ?? 
BUT LISA says - 

If you've owned a property before – whether inside or outside the UK – you can't use a LISA towards a home purchase.

This includes owning a property (or a share of one) that you inherited, even if it was sold straightaway and you didn't live there. If you owned a company or had a trust that owned residential property that you are (or were) able to live in, you're also not considered a first-time buyer.

Any help appreciated 

eskbanker

It'll depend on the terms of the will and how they're actually executed - if the property is sold and the proceeds distributed without the beneficiary ever actually being on the land registry as (co-)owner then there's no issue with subsequently using a LISA to support a first time property purchase.

AmityNeon

Even if she did inherit property as a registered owner, that would not prevent her holding and contributing to a LISA at all, only that the LISA cannot be used towards a property purchase without paying the withdrawal penalty (if withdrawal is made before the age of 60).

arryzz

AmityNeon said:

Even if she did inherit property as a registered owner, that would not prevent her holding and contributing to a LISA at all, only that the LISA cannot be used towards a property purchase without paying the withdrawal penalty (if withdrawal is made before the age of 60).

It won’t be for pension just to purchase houses as a 1st time buyer .