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LISA withdrawal
cmbrookes
Posts: 180 Forumite
I am completing the investor declaration form for my Conveyancer. I take it I'm correct in assuming that the amount to withdraw is only the deposit amount which I won't get the 25% penalty. My solicitor fees and anything else needs to be paid from my own money or by withdrawing anything remaining in the LISA incurring the 25% penalty. Is this correct?
0
Comments
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Yes, the entire amount withdrawn penalty-free from the LISA needs to be put towards the purchase price of the property, and penalties apply to any other withdrawals - the rules require that the first time purchase declaration includes confirmation:
- that the investor will only use the withdrawal to finance the purchase price of the property
1
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