Can my daughter use her LISA to buy a share in our house?

Hi,

Can my daughter use her LISA to buy a share in our house?

We would use the £s input to extend the house to make a 'self-contained' part of the house for her.

TIA
Michael

Hi Michael,

Thanks for your question. I hope this provides you with some guidance.

Your daughter can use LISA savings to help her buy her first home if all the following apply:

• the total value of the property is £450,000 or less (this is the total market value of the property, not her share)

• she buys the property at least 12 months after she made her first payment into the Lifetime ISA

• she uses a conveyancer or solicitor to act for her in the purchase - the ISA provider will pay the funds directly to them

• she is buying with a mortgage
  

If all of the above do not apply to the transaction then the purchase will not qualify for using the LISA and your daughter may incur a penalty for withdrawing the funds prior to age 60.

Your daughter can buy a property jointly with others, whether or not they are also first-time buyers and regardless of how they are funding their share of the purchase. This includes purchasing a share of someone else's property, as long as the conditions outlined above are met.

For further information, you can try the government technical guidance via https://www.gov.uk/government/publications/conveyancers-lifetime-isa-technical-guidance/conveyancers-lifetime-isa-technical-guidance#joint-owner.

If you have any further queries please do not hesitate to ask.

All the best,
Allie