Lifetime ISAs guide

SoozyJ22

My bonus has been received in my Nutmeg account today.

Warren1989

Alexland wrote: »

In theory you should be able to ask your other ISA provider to transfer the whole LISA into your ISA. However they may not have processes to do this.

If they don't do this by the end of this tax year on 5th April then the LISA withdrawal penalty would apply and get deducted from the transfer value.

The other option is to withdraw the balance and accept the loss of £4k contribution allowance for this tax year.

Interestingly after I closed the account HL told me that since the £4k had been given back it would no longer count towards my ISA contributions for the year.

I guess this was a first year only feature, so probably of no use to anyone now. And I didn't read the letter until after April 6th so just missed out, but oh well.

Sussex_Dave

pink_pirlie wrote: »

Good luck!!! HL have been excellent!
We have already withdrawn the capital but as the bonus has now been paid and we don’t complete til Monday they Have said we should be able to get it tomorrow if solicitor express posts them the request today. Extra £250 towards the house will be well received.

Thanks. I expect you will be the first to buy using the LISA funds. Have you considered paying in the 18-19 4k and requesting that is withdrawn as part of the declaration, therefore gaining an extra 1k if you leave it or £750 if you then withdraw it? I've done this as Skipton advised I will still get the 18-19 bonus even if I withdraw before its paid. They didnt mention anything about leaving £50 in though. Panic......

pink_pirlie

Sussex_Dave wrote: »

Thanks. I expect you will be the first to buy using the LISA funds. Have you considered paying in the 18-19 4k and requesting that is withdrawn as part of the declaration, therefore gaining an extra 1k if you leave it or £750 if you then withdraw it? I've done this as Skipton advised I will still get the 18-19 bonus even if I withdraw before its paid. They didnt mention anything about leaving £50 in though. Panic......

We put in 18/19 and withdrew it already. It was in the account for less than 2 weeks

The £7950 was transferred to our conveyance by HL on the 20th April which was the 1 year anniversary to the day. They turned around the payment in under a week with forms being sent from us to them, them to the conveyancer and conveyancer to them. I have been super impressed with them.

Our conveyancer sent request for the 17/18 bonus withdrawal today express post and HL will release that tomorrow, same day payment. So it is now just the 18/19 bonus which we will have to leave until retirement or suffer the 25% penalty on. We will only withdraw if absolutely necessary.

Leaving the £50 in was required by HL and was set out on the withdrawal form. I presume HL would close the account if it was 100% withdrawn and therefore have nowhere to pay the bonus. Skipton may allow you to keep the account open with zero balance.

Sussex_Dave

pink_pirlie wrote: »

We put in 18/19 and withdrew it already. It was in the account for less than 2 weeks

The £7950 was transferred to our conveyance by HL on the 20th April which was the 1 year anniversary to the day. They turned around the payment in under a week with forms being sent from us to them, them to the conveyancer and conveyancer to them. I have been super impressed with them.

Our conveyancer sent request for the 17/18 bonus withdrawal today express post and HL will release that tomorrow, same day payment. So it is now just the 18/19 bonus which we will have to leave until retirement or suffer the 25% penalty on. We will only withdraw if absolutely necessary.

Leaving the £50 in was required by HL and was set out on the withdrawal form. I presume HL would close the account if it was 100% withdrawn and therefore have nowhere to pay the bonus. Skipton may allow you to keep the account open with zero balance.

Great to see you are ahead of the game.

We weighed up aiming for completion after the 2nd bonus or completing early and saving in rent/paying the mortgage which was the preference. I see the cash as free money so will take the hit and use it towards bits for the house as 20+ yrs is a long time to wait. Dishwasher comes first

Good luck with the move...

athonjon

I've received my 25p bonus!!

rachlikeswinter

Just checked and my Skipton bonus has gone in £1500 of free money feels pretty awesome right now :beer: I’ve got a long way to go but really excited I’m actually building something towards owning a house one day.

Zorillo

Still nothing from AJ Bell

[Deleted User]

£1700 bonus went into Skipton yesterday Not as high as it could've been, as I didn't start the H2B ISA early enough

So if I buy this year, from the posts on here it looks like I need to deposit the 18/19 £4k TWO months before? So completion in December would be deposit in October and Bonus in November, then 1 month to send the funds over to soliciter? Or is it expected to get faster now the legacy bonuses have been paid? A month does seem a bit slow IMO (but the whole house purchasing process isn't exactly fast....!!)

tg99

Anyone know if you can you pay the monthly / quarterly LISA fees for HL and AJ Bell outside the LISA wrapper?