Lifetime ISAs guide

masonic

ALTAYLOR wrote: »

Does anybody know if you can buy a property using a LISA with the sole intention of renting it out? I know that there are rules stating this isn't possible, but due to being in the armed forces, I constantly live in a barracks and was wondering if this situation fell under "exceptional circumstances"

Leaving aside the rules about living in the property, one of the essential requirements is that you buy the property with a residential mortgage, which is not possible if you plan to rent out the property.

Presumably you could buy a property with a partner and it would not break the rules if you were resident in barracks and your family lived in the property. Perhaps that doesn't fit your current circumstances, but might be an option in the future if true.

thenewguy

ALTAYLOR wrote: »

Hi all,

Does anybody know if you can buy a property using a LISA with the sole intention of renting it out? I know that there are rules stating this isn't possible, but due to being in the armed forces, I constantly live in a barracks and was wondering if this situation fell under "exceptional circumstances"

Hope someone can help,

Many thanks,

Alex

Yes, you should be able to. There’s a section specifically about this on the Lifetime ISA campaign website (I can’t post links, but search for Lifetime ISA military property purchase).

thenewguy

Guessing most people having / had problems with bonuses not being paid are people who transferred out of Nutmeg...

masonic

thenewguy wrote: »

Yes, you should be able to. There!!!8217;s a section specifically about this on the Lifetime ISA campaign website (I can!!!8217;t post links, but search for Lifetime ISA military property purchase).

Closest link I could find was this: https://www.gov.uk/guidance/forces-help-to-buy

But the above doesn't involve a Lifetime ISA.

Jibeddy

I thought I was the only one having issues receiving their bonus from Skipton following a transferred LISA from Nutmeg. Not glad to see there's others, but slightly comforting knowing I'm not on my own with this.

Originally I was told it was my details with HMRC were incorrect, corrected and was then told to expect the bonus within 2 weeks. Didn't happen. Chased them, was explained 'the specialist' has a way of forcing them through. Alas, he didn't. Called again, at this point they advised me of the issue with accounts transferred from Nutmeg. They'd call me within a week with a resolution. Didn't call me back.

The last sentence repeats a couple of times, although at one point they did say this is affecting over 2,000 customers (you think they'd pull their finger out if this was the case) and that they're working on a resolution.

I made an official complaint about 2 weeks ago, if they don't resolve it by the 8 week point I'll just take this to the ombudsman because their whole handling of this is a joke. They made no effort to contact me to say the bonus wouldn't be paid, they haven't called me back once despite repeated promises and I feel completely left in the lurch.

Appreciate this is just a big rant but it's rather stressful and they've been so unhelpful for nearly 10 weeks now.

Alexland

You have done the right thing in raising a formal complaint with the new provider. Even if they are not in a position to add the bonuses they should be explaining their path to resolution and giving you an expectation on when it should be resolved.

I think HL saw this problem coming when they stopped accepting inbound LISA transfers.

xyz123

A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.

Ed-1

xyz123 wrote: »

A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.

Yes, fine.

Wildsound

xyz123 wrote: »

A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.

You can. However, Hargreaves Lansdown are no longer accepting LISA transfers at this moment in time and probably for the foreseeable future. I am not sure about the other providers.

AbbiP

Hi all,

I'm new to the forum, but I joined because I have just completed a house purchase and used my LISA so I wanted to share some tips on using the LISA from my own experience to help others in planning their purchase timeline as not many solicitors/conveyancers have come across them yet and finding info on timings can be really tough:

1) It seems naive, but I was not aware of the paperwork required to release my funds from my LISA to my solicitor without paying the penalty. You can find the two declaration froms on their FAQs section under a sub-section called "First Time Buyer?" (I can't post a link as I'm too new)

2) This paperwork can be completed up to 30 days before your 12 months are up to enable faster processing. My timeline was really quick, but as I read on another thread, this may be because not many accounts will be ready to withdraw yet...

3) Here's my timeline but there is one thing to bear in mind: I phoned and chased Skipton and their lovely customer service team almost daily. I can only say good things about their customer service and would highly recommend them.

24/06/2018 Date forms given to solicitors (dropped through letterbox)
25/06/2018 Date sent to Skipton first class post (confirmed via email from solicitors)
26/06/2018 Date Skipton received forms (confirmed through phone call to customer services)
02/07/2018 Called Skipton helpdesk for an update
03/07/2018 Called Skipton helpdesk for an update
04/07/2018 Form received via email 10:09
04/07/2018 Form signed electronically and returned via email - confirmation received 10:13
04/07/2018 Email from Skipton confirming transaction of funds 15:34
04/07/2018 Email from solicitors confirming receipt 16:29
06/07/2018 Completion date

4) Once you complete, your conveyancer or solicitor must send off proof of completion to ensure you don't pay a penalty.

I really hope this helps anyone who is looking to buy their first home and thanks again to all of Skipton's customer service team for their exceptional response times and professionalism. I felt so awful chasing every day, but I'm glad that it worked out.

Good luck first time buyers!