Lifetime ISAs guide

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  • Alexland
    Alexland Posts: 9,652
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    Cieta wrote: »
    Hello. I’m currently saving in a standard savings account for a first time gone, and have thought about getting a LISA or help to buy ISA. However I’m unsure if I’d qualify. Basically I’ve never owned anything, however when I come to buy my first property it will be with my partner who has owned a property. Does anyone know if that affects my ability to be eligible for one of these schemes? Any help/advice would be great.

    That's fine if you individually qualify you can use a HTB / LISA subject to all the other conditions being met.
  • System
    System Posts: 178,076
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    Alexland wrote: »
    Point them to the guidance, you don't want to fall out with your solicitor.


    Can't you just go with another / get a new one ? (Solicitor)

    I certainly wouldn't want that kind of malarkey when it comes to using my LISA! Sheesh.
  • Alexland
    Alexland Posts: 9,652
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    NevvyC wrote: »
    Can't you just go with another / get a new one ? (Solicitor)

    I certainly wouldn't want that kind of malarkey when it comes to using my LISA! Sheesh.

    Sure you can get another solicitor if you want to waste the initial money you gave them at the start, the external cost of the searches (a new solicitor would want to rerun the searches) and any final bill they present you for work they have already done that they were going to charge at completion. It would also delay the purchase and have ripples up the chain. You may have a limited choice of new solicitor as many would not want to take on a client that has history of falling out with solicitors which you would have to explain.

    Or you could just be nice to them and point them in the right direction.

    Alex
  • epm-84
    epm-84 Posts: 2,723
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    Cieta wrote: »
    Hello. I’m currently saving in a standard savings account for a first time gone, and have thought about getting a LISA or help to buy ISA. However I’m unsure if I’d qualify. Basically I’ve never owned anything, however when I come to buy my first property it will be with my partner who has owned a property. Does anyone know if that affects my ability to be eligible for one of these schemes? Any help/advice would be great.

    If you're over 40 then it rules out the Lifetime ISA.

    If you're under 40 a Lifetime ISA allows you to get a larger bonus but can only be used if it's been open for 12 months. If you think you may buy a property in less than 12 months Martin's trick is to open a Lifetime ISA and put £1 in it and to save in the Help2Buy ISA in the mean time.

    Also note the Lifetime ISA has a withdrawal penalty (not applicable if using the funds to fund a house purchase or your retirement), while the Help2Buy does not.
  • owenjt
    owenjt Posts: 107
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    Not sure if this has already been answered - does the interest from your Help to Buy ISA count towards your £4000 LISA allowance? I thought it did, but having transferred my HTB to my LISA it's not showing as part of my allowance. Transferred from Halifax to Skipton.
  • eskbanker
    eskbanker Posts: 30,225
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    owenjt wrote: »
    Not sure if this has already been answered - does the interest from your Help to Buy ISA count towards your £4000 LISA allowance? I thought it did, but having transferred my HTB to my LISA it's not showing as part of my allowance. Transferred from Halifax to Skipton.
    Simple question but not a simple answer, given that Skipton don't seem to be interpreting the rules correctly! See post #1231 further up....
  • owenjt
    owenjt Posts: 107
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    eskbanker wrote: »
    Simple question but not a simple answer, given that Skipton don't seem to be interpreting the rules correctly! See post #1231 further up....
    Thanks! Do you think it's safer to leave it then and count the interest as a contribution to the £4k, or go with Skipton's calculations and top up? Guessing Skipton would get in trouble if they've got it wrong and not me?!
  • So I've just seen the interview on this morning about LISA's but i'm still a bit confused.

    I'm 22 years old and currently have a Help to Buy with Barclays with £3000.

    If i apply for a LISA will i be able to transfer to a different company with a better interest rate in the future?

    My partner has just opened a Help to buy ( We were both late on the band wagon ) If i apply for an LISA can we put his Help to buy and my LISA together when purchasing a property?

    I'm hesitant as it's hard for younger adults to get onto the property ladder, as most of us understand, and i don't want to do anything that will negatively effect my chances. The main thing that worries me is going from Barclays who have the best interest rate on the market for Help to Buy's. To a new ISA with a very very low interest rate.
  • Question regarding when bonus is paid (Skipton).

    2017-2018:
    This year I've recently transferred in the full £4k allowance - when can I expect the bonus? I opened the account in June 2017 (with £1 minimum opening amount).

    2018-2019:
    I have other savings, and would like to keep them elsewhere to maximise interest. For the year 2018-2019, if I transfer in the full £4k allowance in March 2019 (or late as possible), can I expect the full £1k bonus, or would I need to transfer that earlier in the tax year? When will that be paid?
  • Alexland
    Alexland Posts: 9,652
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    edited 26 February 2018 at 12:32PM
    ckatieeee wrote: »
    If i apply for a LISA will i be able to transfer to a different company with a better interest rate in the future?

    Yes if there is a better cash LISA product launched you are free to change provider assuming the new provider accepts transfers-in.
    ckatieeee wrote: »
    My partner has just opened a Help to buy ( We were both late on the band wagon ) If i apply for an LISA can we put his Help to buy and my LISA together when purchasing a property?

    Yes as long as you are each making a qualifying property purchase under the rules of your respective schemes.
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