LISA Timeline?

laurey0301

Hello everyone.
Does anyone have experience with lifetime ISA's and how long they take for funds to be received? Our solicitor came back yesterday and advised all enquiries back and ok they are trying to arrange immediate exchange. My concern is they haven't even applied for our LISA funds??? Should i be concerned? I have asked them but she hasn't responded yet. Do they not need 30 days notice to apply for release of funds? I'm just rather confused they are trying to arrange exchange imminently with no funds!
Any help appreciated...
Thank you x

sw7

Who is your LISA with? We've just redeemed two and had the same panic when I realised they hadn't even made the request.

Providers say 30 days on paper but in practice they work to the completion date on the form from the conveyancer. Our solicitors were very reluctant to redeem them with only a 'tentative' date on the form but I insisted that they start the process. Their concern was if they hold the money too long, but if you're relatively confident you'll complete in 90 days I don't see an issue in starting the process.

For reference Paragon Bank turned it around in a week, while Skipton took around 25 days, but that was because they were waiting on the Government bonus and our proposed completion date gave them the time to do that.

laurey0301

Thank you for your quick reply.
Ours are with Skipton, ahhh 25 days is worrying! They say we will complete by the end of June but i cant see that being possible with that sort of turn around. 
I think i may insist they start now too! Thank you

sw7

I wouldn't worry too much: I'm sure Skipton can turn it around quicker if needed but in our case they had no reason to go faster. When I initially expressed concern our solicitor said they weren't worried and that they redeem Skipton LISAs within a week all the time. On the other hand they had never heard of 'Pentagon Bank' 

Would still recommend/insist that they get on it sooner rather than later though.

Gavin83

I've heard it taking a low as 48 hours with Skipton. Ultimately they'll work with the dates you give them, the 30 days is a maximum and a bit of a default as they'll take 30 days if no exchange date is provided.

Saying this you really want to give them as long as possible. In your shoes I'd start the process now. You have 90 days after the funds are released to complete (although this can be extended to 180 days) and if the sale falls through the solicitor just transfers the funds back.

Getting_greyer

Took about 2 days with moneybox.  This was in middle of December which I assume is usually a busy period with people moving before Xmas. 

laurey0301

Thanks guys. I have just sent the investor declaration forms so hopefully that'll get the ball rolling.