Deposit tied in Liftime ISA

gridsset

Good morning experts

We are buying a flat and the sellers are pushing for exchange within few days and complete within 10 days. We are over the moon with that although we have now spotted a big problem. 30k of our deposit (around 85% of the whole deposit) is tied in a lifetime ISA with Skipton and according to their website they specify that it can take up to 30 days for the funds to be released once the investor and conveyancer declarion forms are received (which we are sending just later today). Failing to use the funds for the deposit would mean that we would lose 6k of bonus given by HMRC.

It is very frustrating that our solicitor has never mentioned this before to us and just yesterday I read that on Skipton website by chance.

Do you have any suggestions?

What we were thinking was to maybe cover the whole deposit with other savings that we have, then maybe we could get back our deposit when Skipton released the money in to the solicitor account.

Please help :eek::eek::eek:

Anitification

Your seller should be willing to wait, it's normally a facade when they rush things, I doubt it's prudent that they have to receive your money in 10 days.

I'd suggest just keep playing as normal, request the funds and your solicitor should cover you by explaining to their solicitors that everything WILL go ahead the moment the money clears.

It's a buyer's economy right now, so unless you're in a non-average situation, you probably have a bit more power than the seller on delaying things... it's unlikely they have a second buyer waiting in the wings with a wad of cash ready to go in 10 days.

GDB2222

I’m sorry that you have come across that particular obstacle so late, and I very much hope that Skipton are just being cautious when they say it can take up to 30 days. Very worrying for you in the meantime.

Lisa’s are fairly new and I don’t see how the solicitor can be expected to know the intricacies of each one. Indeed, he deals with the property and it’s up to you to deal with the finance.

gridsset

Thanks antification. It's actually the top of the chain who are rushing things through as they have to move to a complete different area and must sign up their children for school before January. We (bottom of the chain) and our sellers (middle of the chain) are very relaxed with completion.

It is very worrying for us because it has been very difficult to please all the parties and we had managed to arrange everything in the last few days after 3 long months. Far from pulling out or anything, just the stress of having to rearrange and wait for the funds to be released:mad:

asm89

Send all the necessary forms to your solicitor today so they can have it with Skipton by Friday. You can then call Skipton on Monday and ask them to put a rush on the money. People on MSE have had their funds released within 2 days previously.

Slappermum

I can confirm the above, Skipton were great with this and the funds were in the conveyancer's account within 3 days or so.

GDB2222

gridsset wrote: »

Thanks antification. It's actually the top of the chain who are rushing things through as they have to move to a complete different area and must sign up their children for school before January. We (bottom of the chain) and our sellers (middle of the chain) are very relaxed with completion.

It is very worrying for us because it has been very difficult to please all the parties and we had managed to arrange everything in the last few days after 3 long months. Far from pulling out or anything, just the stress of having to rearrange and wait for the funds to be released:mad:

It’s probably a great time to move, just before Christmas. You’ll have lots of time free to do all the redecorating and furniture shopping.

OmegaAlpha

Skipton received our request last Tuesday and the funds were with our solicitors on Friday. If your concerned give them a call and they are more than happy to help expedite the process.

gridsset

Thank you guys, it's all very reassuring. Skipton are always great both in branch and over the phone. Was just worrying too much but anyway out solicitor still isn't ready for exchange so no trouble, although declaration forms will be sent out today for future readiness.