Spending LISA
Davenixon
Posts: 2 Newbie
Hi there, I have a LISA and so does my fianc!e; both saving for first time home. We aim to buy using the help to buy scheme, so would only require 5% deposit. By the time we go to buy, we could have around about 20k in a Lisa ( if we both pay max contr this year and at start of next year)
What I wanted to know is, what can it be spent on. I believe the money gets transferred to solicitor, so let’s say, 12500 on 5% deposit, 900 for solicitors fees, 3000 for finishings e.g flooring and white goods ( companies around here offer This as a gold package) and then what happens to the rest, if, for example, stamp duty is covered by the builders. Does the left over after expenses get returned to you in cash?
I hope that makes sense? :money:
What I wanted to know is, what can it be spent on. I believe the money gets transferred to solicitor, so let’s say, 12500 on 5% deposit, 900 for solicitors fees, 3000 for finishings e.g flooring and white goods ( companies around here offer This as a gold package) and then what happens to the rest, if, for example, stamp duty is covered by the builders. Does the left over after expenses get returned to you in cash?
I hope that makes sense? :money:
0
Comments
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What I wanted to know is, what can it be spent on.
So, if you only plan to use £12,500 towards the actual property itself then don't put £20K into your LISA - clause 9B.42c(a) of the scheme rules defines:the purchase price is the value required to be paid under the sale and purchase agreement entered into in connection with the acquisition of interest in the land (but, for the avoidance of doubt, this does not include consideration attributed to the purchase of any fixtures and/or fittings)0 -
Also check your mortgage terms to determine if they would allow that money to be used towards buying the fixtures and fittings on completion. Unless you need to pay in advance in which case that's just you buying stuff.0
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Thanks guys! Appreciate the reply! We did think it would be the case of don’t put it all in. Shall keep it outside the Lisa0
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