diff --git a/.changeset/good-plums-type.md b/.changeset/good-plums-type.md
new file mode 100644
index 000000000000..9a1d8965f395
--- /dev/null
+++ b/.changeset/good-plums-type.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: set correct component context when rendering snippets
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index 64d35f398930..c7b92d4af0ed 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -384,6 +384,7 @@ export function analyze_component(root, source, options) {
 		reactive_statements: new Map(),
 		binding_groups: new Map(),
 		slot_names: new Map(),
+		top_level_snippets: [],
 		css: {
 			ast: root.css,
 			hash: root.css
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 6e9c17faab98..5259712266c2 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -354,6 +354,7 @@ export function client_component(source, analysis, options) {
 		...store_setup,
 		...legacy_reactive_declarations,
 		...group_binding_declarations,
+		...analysis.top_level_snippets,
 		.../** @type {import('estree').Statement[]} */ (instance.body),
 		analysis.runes || !analysis.needs_context ? b.empty : b.stmt(b.call('$.init')),
 		.../** @type {import('estree').Statement[]} */ (template.body)
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index c508414f72ce..eca72e16b8be 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -835,10 +835,7 @@ function serialize_inline_component(node, component_name, context) {
 
 		if (slot_name === 'default') {
 			push_prop(
-				b.init(
-					'children',
-					context.state.options.dev ? b.call('$.add_snippet_symbol', slot_fn) : slot_fn
-				)
+				b.init('children', context.state.options.dev ? b.call('$.wrap_snippet', slot_fn) : slot_fn)
 			);
 		} else {
 			serialized_slots.push(b.init(slot_name, slot_fn));
@@ -2566,16 +2563,20 @@ export const template_visitors = {
 			.../** @type {import('estree').BlockStatement} */ (context.visit(node.body)).body
 		]);
 
-		const path = context.path;
-		// If we're top-level, then we can create a function for the snippet so that it can be referenced
-		// in the props declaration (default value pattern).
-		if (path.length === 1 && path[0].type === 'Fragment') {
-			context.state.init.push(b.function_declaration(node.expression, args, body));
-		} else {
-			context.state.init.push(b.const(node.expression, b.arrow(args, body)));
-		}
+		/** @type {import('estree').Expression} */
+		let snippet = b.arrow(args, body);
+
 		if (context.state.options.dev) {
-			context.state.init.push(b.stmt(b.call('$.add_snippet_symbol', node.expression)));
+			snippet = b.call('$.wrap_snippet', snippet);
+		}
+
+		const declaration = b.var(node.expression, snippet);
+
+		// Top-level snippets are hoisted so they can be referenced in the `<script>`
+		if (context.path.length === 1 && context.path[0].type === 'Fragment') {
+			context.state.analysis.top_level_snippets.push(declaration);
+		} else {
+			context.state.init.push(declaration);
 		}
 	},
 	FunctionExpression: function_visitor,
diff --git a/packages/svelte/src/compiler/phases/types.d.ts b/packages/svelte/src/compiler/phases/types.d.ts
index ae346068c40e..bd6cad135a6d 100644
--- a/packages/svelte/src/compiler/phases/types.d.ts
+++ b/packages/svelte/src/compiler/phases/types.d.ts
@@ -7,10 +7,9 @@ import type {
 	SlotElement,
 	SvelteElement,
 	SvelteNode,
-	SvelteOptions,
-	Warning
+	SvelteOptions
 } from '#compiler';
-import type { Identifier, LabeledStatement, Program } from 'estree';
+import type { Identifier, LabeledStatement, Program, Statement, VariableDeclaration } from 'estree';
 import type { Scope, ScopeRoot } from './scope.js';
 
 export interface Js {
@@ -68,6 +67,7 @@ export interface ComponentAnalysis extends Analysis {
 	/** If `true`, should append styles through JavaScript */
 	inject_styles: boolean;
 	reactive_statements: Map<LabeledStatement, ReactiveStatement>;
+	top_level_snippets: VariableDeclaration[];
 	/** Identifiers that make up the `bind:group` expression -> internal group binding name */
 	binding_groups: Map<[key: string, bindings: Array<Binding | null>], Identifier>;
 	slot_names: Map<string, SlotElement>;
diff --git a/packages/svelte/src/internal/client/dom/blocks/snippet.js b/packages/svelte/src/internal/client/dom/blocks/snippet.js
index c5097ee2c3c6..64a2c87014e6 100644
--- a/packages/svelte/src/internal/client/dom/blocks/snippet.js
+++ b/packages/svelte/src/internal/client/dom/blocks/snippet.js
@@ -1,5 +1,7 @@
+import { add_snippet_symbol } from '../../../shared/validate.js';
 import { EFFECT_TRANSPARENT } from '../../constants.js';
 import { branch, block, destroy_effect } from '../../reactivity/effects.js';
+import { current_component_context, set_current_component_context } from '../../runtime.js';
 
 /**
  * @template {(node: import('#client').TemplateNode, ...args: any[]) => import('#client').Dom} SnippetFn
@@ -28,3 +30,26 @@ export function snippet(get_snippet, node, ...args) {
 		}
 	}, EFFECT_TRANSPARENT);
 }
+
+/**
+ * In development, wrap the snippet function so that it passes validation, and so that the
+ * correct component context is set for ownership checks
+ * @param {(node: import('#client').TemplateNode, ...args: any[]) => import('#client').Dom} fn
+ * @returns
+ */
+export function wrap_snippet(fn) {
+	let component = current_component_context;
+
+	return add_snippet_symbol(
+		(/** @type {import('#client').TemplateNode} */ node, /** @type {any[]} */ ...args) => {
+			var previous_component_context = current_component_context;
+			set_current_component_context(component);
+
+			try {
+				return fn(node, ...args);
+			} finally {
+				set_current_component_context(previous_component_context);
+			}
+		}
+	);
+}
diff --git a/packages/svelte/src/internal/client/index.js b/packages/svelte/src/internal/client/index.js
index 992eaa0c0033..a0884a2b474c 100644
--- a/packages/svelte/src/internal/client/index.js
+++ b/packages/svelte/src/internal/client/index.js
@@ -7,7 +7,7 @@ export { key_block as key } from './dom/blocks/key.js';
 export { css_props } from './dom/blocks/css-props.js';
 export { index, each } from './dom/blocks/each.js';
 export { html } from './dom/blocks/html.js';
-export { snippet } from './dom/blocks/snippet.js';
+export { snippet, wrap_snippet } from './dom/blocks/snippet.js';
 export { component } from './dom/blocks/svelte-component.js';
 export { element } from './dom/blocks/svelte-element.js';
 export { head } from './dom/blocks/svelte-head.js';
diff --git a/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Inner.svelte b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Inner.svelte
new file mode 100644
index 000000000000..c1f1b4ef1973
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Inner.svelte
@@ -0,0 +1,7 @@
+<script>
+	let { object = $bindable() } = $props();
+</script>
+
+<button onclick={() => object.count += 1}>
+	clicks: {object.count}
+</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Outer.svelte b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Outer.svelte
new file mode 100644
index 000000000000..a49a7392846a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/Outer.svelte
@@ -0,0 +1,5 @@
+<script>
+	let { children } = $props();
+</script>
+
+{@render children?.()}
diff --git a/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/_config.js b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/_config.js
new file mode 100644
index 000000000000..8f9cf55514ab
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/_config.js
@@ -0,0 +1,11 @@
+import { test } from '../../test';
+
+export default test({
+	html: `<button>clicks: 0</button>`,
+
+	compileOptions: {
+		dev: true
+	},
+
+	warnings: []
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/main.svelte b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/main.svelte
new file mode 100644
index 000000000000..bbf7026cefde
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/non-local-mutation-with-binding-4/main.svelte
@@ -0,0 +1,10 @@
+<script>
+	import Outer from './Outer.svelte';
+	import Inner from './Inner.svelte';
+
+	let object = $state({ count: 0 });
+</script>
+
+<Outer>
+	<Inner bind:object />
+</Outer>
diff --git a/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
index 4f78c872b526..87f74847c905 100644
--- a/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
@@ -6,16 +6,15 @@ var root_1 = $.template(`Something`, 1);
 var root = $.template(`<!> `, 1);
 
 export default function Bind_component_snippet($$anchor) {
-	let value = $.source('');
-	const _snippet = snippet;
-	var fragment_1 = root();
-
-	function snippet($$anchor) {
+	var snippet = ($$anchor) => {
 		var fragment = root_1();
 
 		$.append($$anchor, fragment);
-	}
+	};
 
+	let value = $.source('');
+	const _snippet = snippet;
+	var fragment_1 = root();
 	var node = $.first_child(fragment_1);
 
 	TextInput(node, {