Lifetime ISAs guide

Alexland

Yes the legal fees for you as the seller and her as the buyer (her solicitors would want to run full searches, etc to cover themselves) will run into thousands.

Mlnewman

Thanks so much for the reply, I've opened my LISA and started saving I will get my partner to sort his help to buy 😊 so glad to hear we can combine them for our first home together, he's over the age threshold for the LISA unfortunately.
How will it work though? As Lisa buying max is 450k but help to buy is 250k so will both combined mean we have to take the lower one?

eskbanker wrote: »

Good news: yes.

eskbanker

Mlnewman wrote: »

Thanks so much for the reply, I've opened my LISA and started saving I will get my partner to sort his help to buy 😊 so glad to hear we can combine them for our first home together, he's over the age threshold for the LISA unfortunately.
How will it work though? As Lisa buying max is 450k but help to buy is 250k so will both combined mean we have to take the lower one?

Yes, the lower figure applies when combining (unless buying in London), as the purchase must comply with the rules of both schemes.

Bursk

I recently turned 40 and have a Skipton LISA with just over 10k in it. I paid in 2x 4k in the previous two tax years but haven't paid in anything for this tax year. I spoke today with both AJ Bell and Hargreaves Lansdown but neither will allow me to transfer my LISA to them. I won't want to access my LISA before the age of 60 so I'd rather be in a S&S LISA if possible. Do I have any S&S LISA options available to me? Will Moneybox allow me to open a new S&S LISA with them and transfer in the Skipton LISA? If not, what's my best option considering Skipon are only paying me 1% per annum as things stand?

eskbanker

Bursk wrote: »

I recently turned 40 and have a Skipton LISA with just over 10k in it. I paid in 2x 4k in the previous two tax years but haven't paid in anything for this tax year. I spoke today with both AJ Bell and Hargreaves Lansdown but neither will allow me to transfer my LISA to them. I won't want to access my LISA before the age of 60 so I'd rather be in a S&S LISA if possible. Do I have any S&S LISA options available to me? Will Moneybox allow me to open a new S&S LISA with them and transfer in the Skipton LISA? If not, what's my best option considering Skipon are only paying me 1% per annum as things stand?

HL only seem to allow transfers into their LISA from non-Lifetime ISAs, while AJ Bell have a long-standing software issue that prevents over-40s from opening to transfer in (which should theoretically be possible): https://forums.moneysavingexpert.com/discussion/comment/74299698#Comment_74299698

According to https://www.moneyboxapp.com/faqs/lisa/transfer-lifetime-isa-to-moneybox/, Moneybox should allow the transfer into their LISA but probably best check with them first, just in case your age causes issues there too!

Bursk

I'll contact Moneybox and see what they say. Thanks, Picard.

Bursk

I sent Moneybox the following in an email:
"I recently turned 40 and have a Skipton cash LISA with just over 10k in it. I paid in 2x 4k in the previous two tax years but haven't paid in anything for this tax year. Will Moneybox allow me to open a new stocks & shares LISA and transfer in the Skipton cash LISA?"

And they replied with:
"Yes, you'd be able to open a Moneybox LISA and transfer your existing LISA in. Once you've registered, just head to Settings > Transfer > Transfer in to send yourself a transfer in form."

So unless they've skipped over the part where I said I was 40, it looks like I can do it. Anyone have any thoughts on the funds offered by Moneybox? Since it'll be at least 20 years before I start accessing the LISA money, I'm mostly interested in the Adventurous option.

eskbanker

Bursk wrote: »

Anyone have any thoughts on the funds offered by Moneybox?

There's not generally much enthusiasm on here for Moneybox, as they're typically perceived as relatively high cost and low choice - obviously circumstances dictate that they're more appealing to a 40 year old wanting to transfer in a LISA who doesn't have access to the two leading products, but you might wish to cast your net wider before committing as other options are available in the market:

https://moneytothemasses.com/saving-for-your-future/compare-the-best-and-cheapest-lifetime-isa

Bursk

That link suggests that the max annual charge (once I've put another 4k in for approx 15k total) with Moneybox would be 0.83%, which doesn't seem awful. Am I missing something?

eskbanker

Bursk wrote: »

That link suggests that the max annual charge (once I've put another 4k in for approx 15k total) with Moneybox would be 0.83%, which doesn't seem awful. Am I missing something?

Yes, you're missing the opportunity to have an account charging 0.25% across a wide range of investment options, because they haven't fixed their system!

But in the context of the options that are open to you, Moneybox is probably the least worst one, albeit one that few others on here are familiar with....