LISA for a person joining a Co-op 8 December 2022 at 4:22PM in ISAs & tax-free savings 3 replies 85 views

FayeOD

Hi!

I'm wanting to start a LISA account with the aim of getting 25% extra back from the government in a few years time when I'm ready to buy for the first time. 

However, my situation is a little different from the norm, and my fear is that if I don't check properly that my situation is covered, then I will lose out and also have to pay 25% of what I've put in (see blogpost 'What is a Lifetime ISA' , tip #5), actually losing me quite a substantial amount of money.

My plan is to buy into either a property, or piece of land that can be built on with several of my friends. I see that partners are both allowed to pay into separate LISAs and use them both when buying together. But is the same true with a greater number of people buying in together? 

TIA!

eskbanker

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

Lifetime ISA investors can also purchase a residential property either:

• jointly with other purchasers, whether or not the other purchasers are also first time purchasers (there is no limit to the number of individuals who can purchase a single residential property together)
• [...]

FayeOD

thanks @eskbanker !

Cheese1990

As long as you plan to live in said property you are purchasing