I am buying half of a flat. Can I use my lifetime ISA without penalty as my share is less than £450k?
15 November 2021
Question by Iain
If I am buying 50% of a flat that costs £500k i.e. I am paying £250k, can I use my lifetime ISA without penalty as my share is less than £450k. Thanks
Answered by James Greenly
My understanding is that the total property price cannot exceed £450k, regardless of how much you 'share' is.
Here is more information from the official government Lifetime ISA website: https://lifetimeisa.campaign.gov.uk/#withdrawing_for_your_first_home
The information from this website says "If you’re buying with someone else and they are also a first-time buyer, you can put both bonuses towards the purchase of your home. The price of the home still mustn’t be more than £450,000."
I hope that helps.