Lifetime ISA timings

Mattmuzz

Hi,


I wanted some help with how the Lifetime ISA works. We currently have an offer accepted on a house, we have informed the sellers we cannot exchange until the end of August.. this is because our remaining money goes into the ISA on July 25th and the bonus that accumulates gives us the 10% deposit but obviously this won't pay until the end of August.


I spoke to Skipton and they informed me a declaration is required to be completed by my solicitor to withdraw the money, I was told this must be done up to 30 days before it is required. So do I need to ask my solicitor to sign the declaration at the beginning of August to ensure it is processed by the end of August, will this include the bonus though if it is signed that early?


My solicitor has never worked with a Lifetime ISA which doesn't help! Any information on how it works when buying will be appreciated

pink_pirlie

You can fill the forms in in anticipation of the bonus being received.

We got our money out of HL in less than a week, even though they advertise 30 days.

Unfortunately I don't know what Skipton's timescales.

Our solicitor wouldn't exchange until the money had arrived.

You could withdraw what's there already and then request the rest later on. It doesn't have to be withdrawn in 1 transaction.

Just keep in contact with Skipton, ask the right questions and find someone helpful!