Inheritance and help to buy

shuggler

Hi there, hope someone can answer this for me.

Currently in a Help to buy agreement, if I receive an Inheritance, will this have an impact on my situation. Based in Scotland.

MattMattMattUK

shuggler said:

Hi there, hope someone can answer this for me.

Currently in a Help to buy agreement, if I receive an Inheritance, will this have an impact on my situation. Based in Scotland.

Do you mean the Help To Buy scheme for house buying, or something different?

The only way it would have an impact in the case of the former is if you inherited a property, you are not allowed to have a HTB loan if you own multiple properties but you are not required to sell or repay the loan, though you would need to speak to them. 

shuggler

Sorry. Yes Help to buy scheme for  house buying, 5 years in.

It would include a property but would only be 50 percent inheritance, and 50 percent to be shared with family member.

GrumpyDil

Do you plan to keep the house or sell it and take the proceeds. 

If you sell and do not firstly transfer it into your names then it will have no impact.

If you transfer it into your name because you plan to keep it then as above you would need to discuss with the HTB provider. 

shuggler

The inherited property would be sold so that both sides can decide what they do with their share.

Thanks for your reply GD, I assume the law would be the same in England as in Scotland, or maybe best to check.

Yorkie1

shuggler said:

The inherited property would be sold so that both sides can decide what they do with their share.

Thanks for your reply GD, I assume the law would be the same in England as in Scotland, or maybe best to check.

Definitely need to check - they are two different legal systems.