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LISA bonus not added before account closed

Yorkie006
Posts: 250 Forumite

Hi,
I've made a deposit to my LISA in February.
As I'm buying a house, the solicitor requested a withdrawal of all funds (and the account to be closed).
The bank's website says it will take up to 7 weeks to add the bonus but by then, the account will be closed.
What will happen to the bonus?
Thanks!
I've made a deposit to my LISA in February.
As I'm buying a house, the solicitor requested a withdrawal of all funds (and the account to be closed).
The bank's website says it will take up to 7 weeks to add the bonus but by then, the account will be closed.
What will happen to the bonus?
Thanks!
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Comments
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I think this is a question for the bank
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Yorkie006 said:I've made a deposit to my LISA in February.
As I'm buying a house, the solicitor requested a withdrawal of all funds (and the account to be closed).
The bank's website says it will take up to 7 weeks to add the bonus but by then, the account will be closed.
What will happen to the bonus?https://www.gov.uk/guidance/close-a-lifetime-isa-if-youre-a-lifetime-isa-managerWhere an investor withdraws all the funds in their Lifetime ISA after the 30 day period, they need to be aware that they may need to keep their Lifetime ISA account open to accept further payments.
These may include:
- unclaimed and unpaid bonus amounts at the time of the withdrawal
- funds being returned to the Lifetime ISA following the failure of a first time residential purchase
You can offer the investor the opportunity to keep their Lifetime ISA open with a nil balance, or alternatively have a process that enables a closed Lifetime ISA to be reinstated.
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Hi,
the LISA money has been paid to the solicitor (without the bonus for February deposit) and the account was closed at the same time. They produced a final statement and the account is 'closed' in online banking too.
Still trying to find out how to get the bonus as we're completing next week - I sent them a secure message but no idea how long they'll take to respond or if the bonus will be paid before completion...0 -
Then you will have a couple of options:- Reinstate the LISA and have the bonus paid into it to use towards your retirement.- Receive the bonus to an external account after deduction of the 25% penalty to use as you wish.It is very unlikely that your solicitor could get an additional withdrawal request processed in time should the bonus money turn up between now and completion.0
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Where an investor withdraws all the funds in their Lifetime ISA after the 30 day period, they need to be aware that they may need to keep their Lifetime ISA account open to accept further payments.
If it was incumbent upon the bank (LISA manager) to make the investor aware and there was a failure in this respect, then the OP might wish to make a formal complaint and request for compensation for the loss.
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Yorkie006 said:Still trying to find out how to get the bonus as we're completing next week - I sent them a secure message but no idea how long they'll take to respond or if the bonus will be paid before completion...0
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