Can I use my LISA with someone else but the total house price is over £450k?

01 November 2019

Question by Andrew

Can I use my lifetime ISA as a first time buyer with someone else but the total house price is over £450000? My share would be less than £450000.


Answered by James Greenly

Hi Andrew

My understanding is that the total property price cannot exceed £450k, regardless of how it is purchased, i.e. in a single name or jointly. If you buy as joint tenants you will both have equal rights to the whole property. If you buy the house as tenants in common you could have different ownership splits, i.e. you could own 30% and your partner 70%. That said, I still do not believe this makes a difference under the LISA rules.

Your best bet would be to ask your LISA provider, as they will have the small print. Alternatively, ask a conveyancer but they would most likely charge you for a response!

I hope that helps.

Best

James

Answered by

James Greenly

Chartered Financial Planner

I am a Chartered Financial Planner at Capital Asset Management, a boutique financial planning and wealth management firm based in the City of London.