When can I take my next steps?

tatartan

Me and my girlfriend opened lifetime ISA’s at the end of March 18. We have our deposit saved up (me 30k and she has 10k) and have moved into a rented flat this month to trial living together before we buy.

My question is this. Considering the 12 month limit on buying your first home after opening a new LISA when should we start the house buying process? I know that the paperwork involved in buying a home can take months. I have looked everywhere but can’t see this answered before. If the LISA isn’t involved until the very end then that would mean we could start looking within 7-9 months?

Help appreciated please don’t shoot me down.

da_rule

It will depend on the house you want to buy. Some transactions might be ready to complete in a month, in which case you would have to wait until the LISA was nearly 12 months old before commencing.

Some transactions may take longer, especially if you buy a new build off plan.

Starting to look at around the 9-10 month mark should give you the greatest chance. Also, be honest with the estate agent that you won!!!8217;t be able to complete until after a certain date as they can then filter out any properties that want a quick completion.

JoJo1978

I agree with da-rule. The average offer to completion is about 3 months, with a few a lot shorter and a few a lot longer. Also remember that when you can use your LISA to buy you'll only have been living together a relatively short while, make sure you're both comfortable before committing to a larger financial tie together. No harm in waiting if one or both of you have a wobble (not wanting to put you off but it's stressful stuff buying!)

Do you know what you want to buy and where? Sometimes it can take a while to get the hang of househunting and you'll want to be ready and confident when you can exercise the LISA. So I'd suggest towards the end of this year starting to look to get some practice in. Then step it up next spring when you're in a position to buy. But as already suggested, be really honest about your position so sellers who can't afford to wait for you don't get their time wasted. Good luck!

timefortea

I!!!8217;ll be able to use my Lifetime ISA from August this year and last week had an offer accepted on a house, the gap is just over three months. My seller hasn!!!8217;t found anywhere yet and I!!!8217;m happy to wait, so it!!!8217;s worked out nicely. If you start looking at around the three month mark you may find somewhere you like with a seller who sees you having to wait as a positive. Good luck!