Lifetime ISA on a Property over £450k

RyanFandS

Hello all, 
I was after a little bit of guidance or advice on the below if possible.
I am a first time buyer and have just had an offer accepted on a property at £452,500. I have around a 15% deposit of which c17.5k is made up of a Lifetime ISA. I have only just realised that the Lifetime ISA cannot be used on a property greater than £450,000. This means I would need to withdraw the money from the LISA at a 20% or 25% charge (dependent on if the withdrawal is made before or after 6th April). This would mean i lose up to £4375 from my deposit amount. Even though i can still afford the mortgage and deposit after this it seems such a shame to lose over £4000 based on the fact the property price is ever so slightly over the threshold. 
My question is; is it possible to negotiate with the vendor to reduce the property price to say £449,999.99 then make an additional payment to them for the difference (£2500.01). Im reluctant to ask this question so early on in the process as i dont want to spook them about my affordability but ultimately they would receive the same amount for the property just structured differently. 
Does anyone feel this is realistic or should I suck up the loss and keep everything going as it is? 
Any help at all will be appreciated. 

JGB1955

You could offer them £450K + £2.5K for fixtures and fittings.

AdrianC

JGB1955 said:

You could offer them £450K + £2.5K for fixtures and fittings.

And your solicitor will point out to you that, unless there really IS £2,500 worth of second-hand furniture being included, that's simply lying.

grumiofoundation

Obviously with hindsight you would (presumably) have offered 450k, and had you explained why chances are vendors would have accepted (0.5% of purchase price). 

In your position I would reduce offer to 450k and explain why this is a ‘hard’ limit. 

As an aside price doesn’t need to be <450k - can be 450k.

Making them an under the table offer of £2500 in a brown envelope is not a sensible idea, equally overpaying for a tatty old sofa and a couple of broken chairs isn’t the way to go...

ratechaser

Blimey, I remember a sale when 10k for fixtures and fittings on a 250k house went through on the nod (and that was when we had cliff edge SDLT), things have clearly tightened up a lot in the last 20 years...