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Multiple LISAS 1 House.
opticshrew
Posts: 1 Newbie
Hi folks,
My girlfriend and I are looking to buy our first house together using our savings and also our LISAS. We know we can use them together however we're looking to buy a property April 2019. The issue is that she's just created her LISA meaning it won't have been open for 12 months before buying the property. As I'm aware this needs to be open 12 months and used to buy a first home otherwise you suffer the 25% penalty.
There is however a loop hole for multiple LISAs for a single person, they can transfer the money into the oldest LISA and use it from there. My question is could my girlfriend transfer the money into my LISA and we could use that?
OR does this 12 month thing not matter. What we don't want to do is invest in one then realise we've just pushed our moving data back by a year.
Thanks,
Jay
My girlfriend and I are looking to buy our first house together using our savings and also our LISAS. We know we can use them together however we're looking to buy a property April 2019. The issue is that she's just created her LISA meaning it won't have been open for 12 months before buying the property. As I'm aware this needs to be open 12 months and used to buy a first home otherwise you suffer the 25% penalty.
There is however a loop hole for multiple LISAs for a single person, they can transfer the money into the oldest LISA and use it from there. My question is could my girlfriend transfer the money into my LISA and we could use that?
OR does this 12 month thing not matter. What we don't want to do is invest in one then realise we've just pushed our moving data back by a year.
Thanks,
Jay
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