Exchange + Complete on Same Day with LISA?

[Deleted User]

Hi,

I have a LISA that matures on 25th March.

I am buying a house and would like to complete as soon as possible.

Do you think it would be too optimistic to complete and exchange on the same day? Provider is Nationwide. ISA is with Skipton.

Thanks

diggingdude

LISA can take up to 30 days to reach your solicitor. You can apply for it now though as you are within 30 days of maturity to try and speed things up, print off and fill in the investor/conveyancer declaration forms with your solicitor and get them to send it in. I have heard of people getting money within a week of maturity so you could look to exchange/complete as soon as it is there.
You should get your interest the day after maturity. mine came straight in. If you are requesting the full amount for deposit but not sure how much the interest will be, Skipton informed me to write "Full balance" on the withdraw box of the investor declaration.

Good luck with it, I keep checking mine to see if the funds have been withdrawn

Thrugelmir

[quote=[Deleted User];discussion/5972191] possible.

Do you think it would be too optimistic to complete and exchange on the same day? [/QUOTE]

Depends on the lender and their internal procedures.

[Deleted User]

diggingdude wrote: »

LISA can take up to 30 days to reach your solicitor. You can apply for it now though as you are within 30 days of maturity to try and speed things up, print off and fill in the investor/conveyancer declaration forms with your solicitor and get them to send it in. I have heard of people getting money within a week of maturity so you could look to exchange/complete as soon as it is there.
You should get your interest the day after maturity. mine came straight in. If you are requesting the full amount for deposit but not sure how much the interest will be, Skipton informed me to write "Full balance" on the withdraw box of the investor declaration.

Good luck with it, I keep checking mine to see if the funds have been withdrawn

I'm hoping that the withdrawal form will be acknowledged and "backlogged" in preparation for a 25th transfer.

Unclear whether the solicitor would want to gamble on Nationwide transferring funds on the same day.

Fingers crossed!

diggingdude

I doubt you will get the money on the 25th, i would hope for 5-10 days later

[Deleted User]

diggingdude wrote: »

I doubt you will get the money on the 25th, i would hope for 5-10 days later

How so?

We are requesting now, so surely its just Skipton need to transfer it out of their account to the solicitor?

I'm not waiting until 1 year is up to put forward the request.

diggingdude

You don't wait until the year is up to request but they don't have to do anything until the year is up and they have 30 days post year up to send. This will be a busy time of year for them as people max out before the new tax year.

Have you picked up a phone and spoken to Skipton? They will set things out clearly for you