Inheriting a percentage of an estate

[Alainlechat]

Hi All

Does anyone know if you are set to inherit 10% of an estate but the estate is mainly made up of a property, does that mean you would lose your first time house buyer status? (This is in England).

It's possible the house will be sold to distribute the estate but also possible another beneficiary will offer to buy out the other person.

If the beneficiary owns the property, either as sole owner or jointly with others, they would lose first time buyer status (assuming it is a residential property). However, if the property is sold by the executors (including selling it to one of the beneficiaries) and the beneficiary receives cash (which is what would normally happen in this situation), the beneficiary would retain first time buyer status as they would never own the property.

Thank you prh47, really appreciate you replying.