Lifetime ISA for self build

Avapasfield123

My partner and I have a total of £42,500 combined in our lifetime ISAs - £8,500 of which is the government bonus. We are exploring the idea of building a house at the side of his parents property and this would require us to purchase some land next to it. My question is, would we still qualify to use the government bonus for this providing we take out a self build mortgage and meet the other requirements? And is it possible to just use the bonus element (£8,500) towards the purchase of the land? I doubt we would need to use the whole £42500 for land purchase so would we be able to use the remainder of our own savings towards the other parts of the build?

I have tried to research but can’t find any other information other than you can use your LISA towards the purchase of the land so not clear on the details. Thanks! 

thaddy

https://lifetimeisa.campaign.gov.uk/

The link above states 'You can use the Lifetime ISA to buy land for a self-build property as long as the purchase meets all the other criteria for property purchase through the scheme'. I think you can make more than one withdrawal towards the same property. Just check with your LISA provider on how to go about it, they are usually quite helpful. On your question about using bonus element,  there's no separation of funds as such between your own savings and the bonus - it all counts as one lumpsum. Your solicitor needs makes a declaration on the value of the property so anything drastically above that might be difficult to withdraw without the government charge.