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New build exchange and completion difficulties
deo4
Posts: 1 Newbie
Looking for anyone that has been in a similar situation with a Moneybox LISA please!
We are buying a new build. Our exchange date is the first week of June and our completion date is the end of November. On exchange, we will be required to pay some (or all if we want) of the deposit for the house. Therefore, we will need to withdraw from the Moneybox LISA. However, this is where the problem occurs. Moneybox state that completion must occur within 90days of withdrawing the funds (or 180 days with an extension) or else the solicitor needs to send the funds back to money box. BUT, we need to use the funds to exchange, however, the completion will be well over 90 and even the 180 days (with extension) from using these funds.
I hope this makes sense to someone out there. Please could you advise what you did? I know some were allowed to use their reservation fee as part of the exchange. Looking for some hope as it’s very stressful.
More so, we need to obtain a mortgage offer but because we don’t complete till Nov, this will potentially expire (even with a 6 month offer)! Any tips here too please?
Thanks everyone
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