Transferring LISAs

Arhill · 5 September 2022 at 2:29PM

I have attempted to transfer a 5 year old cash LISA into another LISA provider.
I would like to now have a stocks & shares LISA.
Unfortunately, I am now over 40 and I cannot find an institution who will setup a LISA on my behalf.

Can anyone provide some names of providers who will accept such a transfer?

Possibly more important, what is the law with LISAs?
I accept you must be under 40 to open a LISA, but why is it that you cannot transfer an existing LISA,
which was obviously opened when I was younger, to a new provider once you are over 40?

This does not make sense?

cloud_dog · 5 September 2022 at 2:53PM

This crops up quite frequently. Unfortunately the answer, at present, is that you cannot, or rather none of the providers are set up to facilitate such a thing. Providers simply do not allow a person to open a new LISA if they are past their 40th birthday, and that is what you would need to do, initially, in order to then transfer the cash LISA in to the S&S LISA.