Transfer of cash LISA to S+S LISA

dwhl

Hello,
is it possible to transfer from a cash LISA to a S+S LISA. I was under 40 years old when the former was opened but am now over 40.
i want to open a S+S LISA and transfer my cash LISA into this.
Thank you
David

masonic

Unfortunately most S&S LISA providers are not set up to accept transfers from people over 40. Hargreaves Lansdown might be an option - it allows you to continue your application after stating your DOB with a warning you can only transfer an existing LISA, but they link to a transfer form that is not appropriate for doing so. You would need to contact them to confirm their position. Let us know how you get on if you do, as it would be good to know definitively whether this is an option or not.

dwhl

Many thanks
i will look into it and update. Not sure if anyone has had any success with this before...?

dwhl

just to update...
Hargreaves Lansdown doesn't unfortunately accept in transfers from other LISA providers..

masonic

Then sadly I don't think there are any options at this time. Hopefully one or more providers will start accepting transfers from over 40s in the future.

masonic

Bemr said:

What about Eqi?  Bit surprised there's been very little mention of them on MSE, so maybe I'm missing something crucial.  This is from their online application:

I declare that

• I am 18 years of age or over, and either under the age of 40 or the account is being opened to receive a transfer of subscriptions/assets from another Lifetime ISA.

Interesting option, formerly Selftrade, which I have heard of. But their application form will not accept a date of birth that makes the applicant over 40. There is no option to continue the application online if you are over 40.

masonic

Bemr said:

Ah, I never got that far with trying the application.  Might be worth the OP contacting them to verify as the declaration makes it quite clear it should be possible.

Yes, I agree. Like the HL case, it should be confirmed one way or the other before dismissal as an option.

dwhl

Many thanks
will look into Eqi as well and feedback. 
Any thoughts on how they compare to AJBell and HL? Noted they seem to have a very low fee...

dwhl

An update...
both EQi and AJBell have confirmed that I cant transfer a cash LISA to a not yet opened S+S LISA with them given I am over 40. HL have not replied back but I expect the same answer

it looks like I’m stuck with the Cash LISA until I’m 60: not looking to purchase a house. 

Would you suggest continuing to save in the Cash LISA for the remaining 10 years to pick up the extra £1000 per year or use the £4000 to invest in a S+S isa?

eskbanker

dwhl said:

it looks like I’m stuck with the Cash LISA until I’m 60: not looking to purchase a house. 

Would you suggest continuing to save in the Cash LISA for the remaining 10 years to pick up the extra £1000 per year or use the £4000 to invest in a S+S isa?

Personally I'd favour the latter - bear in mind that it's 20 years until you could actually access the cash LISA money, and the initially-attractive effect of the 25% bonus would have been heavily diluted over that time, in comparison to the growth achievable by putting the annual £4K in adequately-diversified long-term investments instead.

dwhl

many thanks for all your help everyone with this.