Lifetime ISAs guide

Alexland

Alexland wrote: »

HL have finally replied to say they are thinking about the problem. This is so painful I can see why they have stopped accepting LISA transfers.

Woo, HL fixed my wife's LISA today so that's now £1k into each this tax year. Have a regular saver maturing soon and with a couple of months pay that should be all done for this tax year so I can spend the latter part of the year feeding the S&S ISAs.

Alex

sully1311

Skipton Lifetime ISA now at 1.00% interest.

Mattmuzz

Hi all,

Does anybody know how long it takes Skipton to release the funds to my solicitor once all the forms are filled out?

eskbanker

Mattmuzz wrote: »

Does anybody know how long it takes Skipton to release the funds to my solicitor once all the forms are filled out?

The published service level (at https://www.skipton.co.uk/mortgages/first-time-buyers/using-your-lifetime-isa) is up to 30 days but anecdotally I'm pretty sure that others have reported it actually being quicker than that.

Edit: quicker timescale reported in post #1691 above....

Ogordo

So I'd be really grateful if I could pick the minds of you all in here.

I have the opportunity to move in with my partner who owns their property. In the future there may be an opportunity to put myself on the house and contributing to the mortgage equally if it works out.

Now, I know of LISA's but have little knowledge of property and mortgage. I've seen the graphic on the main LISA page about one person could contribute and the one person who has already bought can't. This is where I'm quite stuck.

Would a LISA be a good way of saving up money to put towards a potential investment in that property.

If anyone could point me in the direction of the relevant rules I'd be very grateful.

eskbanker

The rules allow it, yes, as long as you're actually purchasing your first property and meet all the rest of the scheme rules. If it's a property that your partner already owns then you'd need to go through a properly-conveyanced sale and repurchase arrangement as well as a (re)mortgage.

Alexland

eskbanker wrote: »

The rules allow it, yes, as long as you're actually purchasing your first property and meet all the rest of the scheme rules. If it's a property that your partner already owns then you'd need to go through a properly-conveyanced sale and repurchase arrangement as well as a (re)mortgage.

However in practice the costs of performing this transaction properly may outweigh the benefits so it's more realistic that the LISA would be useful if jointly buying a bigger or better property in future.

Alex

Ogordo

Many thanks for your comments. Makes sense.

Alexland

Sorry I probably should have said 'remembering the £450k price cap' which may or may not be an issue on the next property depending on where you are buying.

rachlikeswinter

nikosc wrote: »

I see. So a LISA can't be used to exchange contracts on an incomplete property as there is no guarantee it will be completed in the 90/180 day time limit?

I don't really want to lose to bonus, I will inquire if the seller will accept a smaller deposit whilst the LISA funds are held with the solicitor.

Thanks.

Any updates on this one?


I would most likely be using my LISA as a 5% deposit in a new-build Help to Buy scheme; but if what you're facing is true it sounds like this may present a problem? I have a friend who is buying a new build flat on the help to buy scheme (not using LISA), she completed months and months ago but the build is not due to be finished until September (was originally told Aug but they've overran.)


Sooo.. concerning?