Multiple Lifetime ISAs First Time Buyer

Newlands43

I hold two Lifetime ISAs, one cash and one shares, taken out for different tax years. I am buying my first home and need to use both LISAs towards the deposit. However, I have been told by the conveyancer that I will have to repay the bonus on one of the LISAs if I use both, losing several thousand pounds. Is this correct? 

eskbanker

No, not correct, so perhaps you'd be better off with a conveyancer who knows what they're doing!

https://www.gov.uk/guidance/lifetime-isa-withdrawals-for-a-first-time-residential-purchase#inv-dec

What the investor needs for their declaration

You must only pay charge-free, full or partial withdrawals for a first time residential purchase directly to an eligible conveyancer on behalf of your investor.

Before making a withdrawal from a Lifetime ISA, the investor must give their purchasing conveyancer all the following information in a declaration:

• the full or partial withdrawal amount (or aggregated amount if more than one Lifetime ISA)
• [...]

or, if time permits, you could perhaps transfer one into the other, as a pragmatic workaround?

Newlands43

Thank you Eskbanker that is really helpful.