You can suffer from a thread race condition on this which there are documented examples of this being used as a security vulnerability. If you check that the file is available, but then try and use it you could throw at that point, which a malicious user could use to force and exploit in your code.
Your best bet is a try catch / finally which tries to get the file handle.
try
{
using (Stream stream = new FileStream("MyFilename.txt", FileMode.Open))
{
// File/Stream manipulating code here
}
} catch {
//check here why it failed and ask user to retry if the file is in use.
}