When does the LISA get used when buying a house?

Super_Whiskey

My partner and I both have LISAs with mine coming to its 12 month anniversary in June this year. We're looking at houses which I imagine is slightly a bit too early but I was wondering when in the buying process it might get used?

Say we exchanged on a house before June with completion in July, could we do that on the proviso that the LISA is used as part of the deposit which the solicitor will claim for? Then when the funds turn up in the solicitor's account we can complete as normal?

chloeH95

The Lisa will only get used when you complete/sign for the house. 

I offered on a house in Jan (I opened LISA on 12th Feb 2020) and I’ve only just put in the form to LISA last week to start the withdrawal ready for when we sign in 4 weeks time as the LISA withdrawal takes around 3 weeks to complete. Therefore as long as you sign/complete for the house 12 months after you start your withdrawal you will be fine. 

Super_Whiskey

Thanks! So for argument's sake, if we completed 1st July, the solicitor would need to apply to withdraw the bonus almost on the anniversary of the LISA to ensure they get the funds in time?

Lostthegame

Super_Whiskey said:

Thanks! So for argument's sake, if we completed 1st July, the solicitor would need to apply to withdraw the bonus almost on the anniversary of the LISA to ensure they get the funds in time?

I think it depends on who your LISA is with... mine was with Moneybox and the funds were released within a week of me asking.

Super_Whiskey

Thanks that's really helpful!