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  • FIRST POST
    • James Day
    • By James Day 9th Nov 18, 8:13 PM
    • 4Posts
    • 1Thanks
    James Day
    Lifetime ISA - Is my first time buyer status void now I am Married to an homeowner?
    • #1
    • 9th Nov 18, 8:13 PM
    Lifetime ISA - Is my first time buyer status void now I am Married to an homeowner? 9th Nov 18 at 8:13 PM
    Hi

    I have a lifetime ISA where I have accumulated significant funds as a first time buyer to purchase a property.

    However I recently married my partner who already owns a property prior to our marriage (the mortgage and deeds etc. are solely in her name - I have no connection to the property other than being married).

    My question is now that I am married to an homeowner as above - am I no longer considered a first time buyer for using the lifetime ISA? We planned to buy a home together but I am concerned that now I cant use my lifetime ISA for the deposit and where If i withdraw the funds I will get a 25% tax from the government (I would lose my government bonus plus it would work out at about an additional 750 fee that the government would get at my expense) marriage tax?

    I questioned this when I looked up the rules around being married for stamp duty purposes.

    Thanks in advance

    Regards
    James
Page 1
    • Zorillo
    • By Zorillo 9th Nov 18, 8:20 PM
    • 427 Posts
    • 280 Thanks
    Zorillo
    • #2
    • 9th Nov 18, 8:20 PM
    • #2
    • 9th Nov 18, 8:20 PM
    You're still a first time buyer.
    • Alexland
    • By Alexland 9th Nov 18, 8:20 PM
    • 3,593 Posts
    • 2,912 Thanks
    Alexland
    • #3
    • 9th Nov 18, 8:20 PM
    • #3
    • 9th Nov 18, 8:20 PM
    The LISA definition of a FTBer is the same as a HTB ISA. Although in the right circumstances you may have claim on your partner's assets in a divorce you do not currently own them so are still a FTBer. They are not a FTBer but that wouldn't stop you buying together and using your LISA without penalty.

    https://lifetimeisa.campaign.gov.uk/#withdrawing_for_your_first_home

    https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

    Alex
    Last edited by Alexland; 09-11-2018 at 8:25 PM.
    • James Day
    • By James Day 10th Nov 18, 7:03 PM
    • 4 Posts
    • 1 Thanks
    James Day
    • #4
    • 10th Nov 18, 7:03 PM
    • #4
    • 10th Nov 18, 7:03 PM
    You're still a first time buyer.
    Originally posted by Zorillo
    Thank you for the confirmation.

    Regards James
    • James Day
    • By James Day 10th Nov 18, 7:05 PM
    • 4 Posts
    • 1 Thanks
    James Day
    • #5
    • 10th Nov 18, 7:05 PM
    • #5
    • 10th Nov 18, 7:05 PM
    The LISA definition of a FTBer is the same as a HTB ISA. Although in the right circumstances you may have claim on your partner's assets in a divorce you do not currently own them so are still a FTBer. They are not a FTBer but that wouldn't stop you buying together and using your LISA without penalty.

    Alex
    Originally posted by Alexland
    Thanks for the confirmation.

    Regards
    James
    • xylophone
    • By xylophone 10th Nov 18, 7:10 PM
    • 27,252 Posts
    • 16,309 Thanks
    xylophone
    • #6
    • 10th Nov 18, 7:10 PM
    • #6
    • 10th Nov 18, 7:10 PM
    We planned to buy a home together
    As well as the one you planned to buy separately?

    https://forums.moneysavingexpert.com/showthread.php?t=5921930

    Since marriage my plan was to buy my own home (solely my name on the deeds and mortgage etc,) separate to my wife as we like our own space and storage and I work away alot etc. - you could say we are not that traditional.
    • xylophone
    • By xylophone 10th Nov 18, 8:57 PM
    • 27,252 Posts
    • 16,309 Thanks
    xylophone
    • #7
    • 10th Nov 18, 8:57 PM
    • #7
    • 10th Nov 18, 8:57 PM
    insulating?
    Creating a protective barrier?

    No insinuation ....it's just that one post declared the intention to buy alone and the other to buy together which seemed somewhat contradictory.
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