Inheritance First Time Buyer

ThePotterQueen

I’m really looking for some advice about inheritance and how it affects First Time Buyers please.
My father recently passed away leaving a Will naming myself (daughter) and my own daughter as Executors and Trustees.
The Will states that any residue of my dad’s estate and any property is referred to as the ‘Trust Fund’.
The Trust Fund is to be divided equally between myself and daughter.
I am in the process of applying for Probate (which has not yet been granted) with myself as the Executor and my daughter as having ‘Power Reserved’ as an Executor.
At this time, my daughter is currently looking to purchase her own property with her partner.
My question relates to whether my daughter, who is applying for a mortgage at this time, would be regarded as a First Time Buyer?
If she is not regarded as a First Time Buyer and she chooses to either Disclaim her part of the inheritance or arrange a Deed of Variations,would she then be regarded as a First Time Buyer?
As both myself and daughter have resided in my father’s property with him for several years before he passed in order to care for him and as we continue to reside here, would my daughter be seen as having benefited from the property and not be able to disclaim her inheritance?
Finally, when do either myself or daughter legally own the property, as at present the Deeds to the house have not been changed and Probate not granted?
Basically, I am really confused and concerned that my daughter has lost her First Time Buyer status.
Any advice would be appreciated.
Thank you.

Keep_pedalling

No your daughter will not lose her first time buyers status by acting as an executor, as long as you are not planning on keeping the family home and transfering it into your own names. 

SDLT_Geek

ThePotterQueen said:

I’m really looking for some advice about inheritance and how it affects First Time Buyers please.
My father recently passed away leaving a Will naming myself (daughter) and my own daughter as Executors and Trustees.
The Will states that any residue of my dad’s estate and any property is referred to as the ‘Trust Fund’.
The Trust Fund is to be divided equally between myself and daughter.
I am in the process of applying for Probate (which has not yet been granted) with myself as the Executor and my daughter as having ‘Power Reserved’ as an Executor.
At this time, my daughter is currently looking to purchase her own property with her partner.
My question relates to whether my daughter, who is applying for a mortgage at this time, would be regarded as a First Time Buyer?
If she is not regarded as a First Time Buyer and she chooses to either Disclaim her part of the inheritance or arrange a Deed of Variations,would she then be regarded as a First Time Buyer?
As both myself and daughter have resided in my father’s property with him for several years before he passed in order to care for him and as we continue to reside here, would my daughter be seen as having benefited from the property and not be able to disclaim her inheritance?
Finally, when do either myself or daughter legally own the property, as at present the Deeds to the house have not been changed and Probate not granted?
Basically, I am really confused and concerned that my daughter has lost her First Time Buyer status.
Any advice would be appreciated.
Thank you.

Is the concern as to whether your daughter would retain first time buyers' status for the purpose of stamp duty land tax? 

The property she would buy is in England? 

The price would be in the £125K - £500K bracket (outside that bracket after 31 March 2025 FTB relief would not be available anyway).