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LISA withdrawal delaying completion date
rossls
Posts: 1 Newbie
I find myself in an awkward situation. We're exceptionally close to completing the purchase for our first home but a simple thing may delay us by another week.
We are looking to exchange ASAP to make good our proposed completion date, however, we were intending to use a LISA to pay for a portion of our deposit. It is possible that the LISA funds will not be available in time to be used for the deposit, meaning everything could be delayed. I find myself in the fortunate position where I could pay this deposit money from my own pocket, although, by doing this would I believe I would lose the ability to withdraw the funds from the LISA for the purposes of this house purchase?
An example of the situation: say the property was worth £100k and have a £10k deposit to pay alongside a £90k mortgage. The intention is to use the LISA to cover the £10k deposit. In this scenario, if I paid the deposit using savings, would there be any way of using the LISA at completion to pay £10k of the purchase price and then either pay off £10k of the mortgage immediately or, even better, receive this £10k back to put back into savings?
I feel as though I know the answer to this before asking but I want to fully understand the options available to us. Delaying completion wouldn't be the biggest deal but it sure would save some headaches!
Any help in understanding how everything works would be greatly appreciated, thanks!
We are looking to exchange ASAP to make good our proposed completion date, however, we were intending to use a LISA to pay for a portion of our deposit. It is possible that the LISA funds will not be available in time to be used for the deposit, meaning everything could be delayed. I find myself in the fortunate position where I could pay this deposit money from my own pocket, although, by doing this would I believe I would lose the ability to withdraw the funds from the LISA for the purposes of this house purchase?
An example of the situation: say the property was worth £100k and have a £10k deposit to pay alongside a £90k mortgage. The intention is to use the LISA to cover the £10k deposit. In this scenario, if I paid the deposit using savings, would there be any way of using the LISA at completion to pay £10k of the purchase price and then either pay off £10k of the mortgage immediately or, even better, receive this £10k back to put back into savings?
I feel as though I know the answer to this before asking but I want to fully understand the options available to us. Delaying completion wouldn't be the biggest deal but it sure would save some headaches!
Any help in understanding how everything works would be greatly appreciated, thanks!
0
Comments
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Don't exchange with a completion date until solicitor has the Lisa deposit if you want to make sure you won't lose the Lisa bonus.An answer isn't spam just because you don't like it......0
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A week is nothing in the bigger scheme of things.0
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