Are the Lifetime ISA (LISA) and the Help to Buy Equity Scheme Compatible over £450k in London?

Gsharp93

The help to Buy equity scheme allows first time buyers such as my self to purchase a new build home within London with a maximum value of £600k. My girlfriend and I have Lifetime ISA's that we have been contributing too for a number of years and have saved a considerable amount within. However, we have just noted that this can only be utilised on a new build home to the maximum value of £450k throughout the country (with no exception for London - unlike the help to buy equity scheme). 
If we were to purchase a home for £475k in London and utilised the 40% equity scheme in addition to our Mortgage does this mean that we would be unable to utilise the LISA money to contribute towards the deposit without accepting the penalty fee?

I personally hope not as that is just ridiculous - I can't seem to find any sources on the internet that either confirm nor deny this. I'm hoping someone on the forum is able to help.

[Deleted User]

Limits have to be set somewhere.  The help to buy ISA increases to £450,000 in London but is only £250,000 elsewhere.  Plenty areas are selling properties for more than £250,000 so lots of people need to make the choice between buying the more expensive property and not getting the bonus, or buying cheaper and getting the bonus.  Its not an issue unique to London

If not at £450,000, at what level do you propose a limit being set? 

You can use LISA to buy any home (not just new build) btw

quote: Although you can use your savings to buy a property worth more than £450,000 you’ll lose the government bonus, all interest earned on the extra money, and pay a penalty.
from: https://www.nutmeg.com/nutmegonomics/is-the-lisa-a-good-deal-for-london-homebuyers/

grumiofoundation

To add to the above penalty is currently only 20% until April 2021 (so you basically only lose the bonus) as opposed to normally being 25%. 

Being able to offer 450k on the property with an explanation of why this is a hard limit is not the worst negotiating tactic in the world...