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LISA 12 month rule
Thim
Posts: 2 Newbie
Hi. Hoping someone can advise
I'm only a couple of weeks from completing my first house purchase. I've just checked my Skipton LISA with the bulk of my deposit and it says I can't withdraw the money until March, 12 months after opening the account - which will delay the exchange and completion by almost 2 months.
I knew about the 12 month rule so I opened a nutmeg S&S LISA as soon as they came out back in 2017 and then transferred to the Skipton LISA in March 2018. It seems that transferring the LISA has reset the 12 months period before I can access the funds.
Does anyone know if this is correct or can I request Skipton to release the funds now since I had another LISA open beforehand?
Thanks very much
Tony
I'm only a couple of weeks from completing my first house purchase. I've just checked my Skipton LISA with the bulk of my deposit and it says I can't withdraw the money until March, 12 months after opening the account - which will delay the exchange and completion by almost 2 months.
I knew about the 12 month rule so I opened a nutmeg S&S LISA as soon as they came out back in 2017 and then transferred to the Skipton LISA in March 2018. It seems that transferring the LISA has reset the 12 months period before I can access the funds.
Does anyone know if this is correct or can I request Skipton to release the funds now since I had another LISA open beforehand?
Thanks very much
Tony
0
Comments
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I can't answer your question specifically but remember it can take 30 days for Skipton to transfer the money when closing account for a purchase. I confirmed that with them todayAn answer isn't spam just because you don't like it......0
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It is 12 months from when you opened your Nutmeg Lisa.
I did the same as you, transferred from Nutmeg to Skipton less than a year ago and my funds are due to arrive with my solicitor in the next few days.0 -
Did you definitely transfer rather than close & move funds0
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Thanks for the replies. Yes I transferred using the 'proper' method. I had a halifax help to buy and a nutmeg S&S ISA, and I transferred them both into the Skipton LISA.
That's promising from cjv's reply. If I kick it off now then hopefully it should be 30 days max rather than 2 months + to get the funds to my solicitor0
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