FTB status?
I’m wondering whether anyone in here might have had a similar experience or be an expert who could help!
My partner and I in the process of buying our first home (nearing exchange) in England (if this is important). I was under the impression I was a First Time Buyer for stamp duty and Lifetime ISA purposes until I read something online the other day which has confused things.
My father passed away and my sibling and I were the main beneficiaries of his estate. I acted as executor, applied for probate and sold his flat, then distributed the funds from this along with some money he had in his bank account to my brother and I equally. As the flat was never transferred into our names, I had thought this meant I was still considered a FTB.
From what I read online the other day, it seems like because the way a clause was worded in my dad’s will, I actually inherited an interest in his flat when he passed which means I have effectively owned a property and I am not a FTB. The clause was “I give my interest in the property known as [address] ... to be shared EQUALLY between my daughter [name] and my son [name].”
After seeing this, I contacted my conveyancer who has basically said they can’t help and I should get tax advice (and they will now want something from a tax adviser on file). I’ve contacted a couple of tax advisers who have both said they are leaning towards me not being a FTB for stamp duty purposes (and therefore probably the LISA too), but they’re not 100% confident. One of them advised asking a will writer to confirm the legal intention of the clause, so I have contacted the person who helped with my dad’s will, who has said they will speak to some technical/probate colleagues as they’re also not sure.
I thought I’d try posting on here as someone may be able to give a definitive answer. I think it’s very much leaning towards me not being a FTB, which is fine and I do appreciate it’s not really aimed at people like me who have inherited funds which are helping me to buy a property. I think I’m a little more frustrated about the lifetime isa than the stamp duty, considering I’ve been saving into this for years planning to use it for my first home, and it would be good to be clear on whether the same conditions for being a first time buyer apply to the lifetime isa as to the stamp duty.
Thanks in advance, apologies for the ramble!