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LISA help
Legacy_user
Posts: 0 Newbie
Hello!
I have just purchased my first house and I am planning on using my life time isa as part of the deposit. Is it true that if I use the life time isa as the deposit on exchange I have to complete within 90 days or I lose my bonus? any help would be greatly appreciated as it is on a new build and they want to exchange ASAP but I'm concerned I could lose the bonus.
Thanks!
I have just purchased my first house and I am planning on using my life time isa as part of the deposit. Is it true that if I use the life time isa as the deposit on exchange I have to complete within 90 days or I lose my bonus? any help would be greatly appreciated as it is on a new build and they want to exchange ASAP but I'm concerned I could lose the bonus.
Thanks!
0
Comments
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https://www.skipton.co.uk/mortgages/first-time-buyers/using-your-lifetime-isa
"Once your Lifetime ISA provider receives the correct information from your conveyancer, the money should be transferred to them within 30 days. From this point the purchase needs to complete within 90 days or your conveyancer needs to apply for an extension.
If the purchase doesn’t proceed and the money is not returned (unless an extension has been agreed) the government withdrawal charge of 25% of the amount withdrawn will apply."
You can request an extension.0
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