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Am I still a First Time Buyer
bean213
Posts: 4 Newbie
I am hoping to buy my first home and have been saving for a deposit for the last few year. This includes savings in a LISA.
Since I started saving a relative has passed away and I was one of the people left a share in the house. As part of probate the house has been sold and I will be given a share of the funds once everything is settled. My name has never been put on any deeds.
Does this mean I will no longer be a FTB? Can I still use my LISA?
Since I started saving a relative has passed away and I was one of the people left a share in the house. As part of probate the house has been sold and I will be given a share of the funds once everything is settled. My name has never been put on any deeds.
Does this mean I will no longer be a FTB? Can I still use my LISA?
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Comments
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Was the house still part of the estate when it was sold? That might be the significant point.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇🏅🏅🏅2 -
As long as the house was never put in the beneficiaries names then yes you are still a FTB.1
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I believe so. The will executors are the ones who dealt with the sale.0
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If you've never bought a house then you are a First Time Buyer (when you buy your first house).0
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Not from an SDLT perspective... dont know much about LISA but a google suggests that despite its name it requires you to never have owned a home and so can also be excluded via inherited properties.flaneurs_lobster said:If you've never bought a house then you are a First Time Buyer (when you buy your first house).
If you never inherited the house but received the proceeds of the sale of a house thats a different matter.3 -
Not quite accurate. The factor for determining whether someone is considered a FTB is whether you have ever OWNED a property, not whether you have bought one. It's the reason why we usually urge caution when parents want to put grown up children onto the deeds of the family home!flaneurs_lobster said:If you've never bought a house then you are a First Time Buyer (when you buy your first house).
In this case, the OP has not owned the property as it was sold straight out of the estate with the proceeds being distributed directly from the estate.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her3 -
Was the house sold by the executor and you were given a share of the proceeds, or were you given a share of the house which you then sold later?
Was your name ever added to the deeds?0 -
These are good questions. There are other questions relevant to the SDLT treatment:Herzlos said:Was the house sold by the executor and you were given a share of the proceeds, or were you given a share of the house which you then sold later?
Was your name ever added to the deeds?
(a) Were you ever passed a beneficial interest in the property by an assent of a beneficial share?
(b) Did you become entitled to a beneficial share in the property by virtue of an appropriation?
(c) Was technically the "administration of the estate complete" before the property was sold?
It might well be that OP would need to ask the executors these questions.0
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