Lifetime ISAs guide

Alexland wrote: »

HL have finally replied to say they are thinking about the problem. This is so painful I can see why they have stopped accepting LISA transfers.

Woo, HL fixed my wife's LISA today so that's now £1k into each this tax year. Have a regular saver maturing soon and with a couple of months pay that should be all done for this tax year so I can spend the latter part of the year feeding the S&S ISAs.

Alex

Hi all,

Does anybody know how long it takes Skipton to release the funds to my solicitor once all the forms are filled out?

So I'd be really grateful if I could pick the minds of you all in here.

I have the opportunity to move in with my partner who owns their property. In the future there may be an opportunity to put myself on the house and contributing to the mortgage equally if it works out.

Now, I know of LISA's but have little knowledge of property and mortgage. I've seen the graphic on the main LISA page about one person could contribute and the one person who has already bought can't. This is where I'm quite stuck.

Would a LISA be a good way of saving up money to put towards a potential investment in that property.

If anyone could point me in the direction of the relevant rules I'd be very grateful.

eskbanker wrote: »

The rules allow it, yes, as long as you're actually purchasing your first property and meet all the rest of the scheme rules. If it's a property that your partner already owns then you'd need to go through a properly-conveyanced sale and repurchase arrangement as well as a (re)mortgage.

However in practice the costs of performing this transaction properly may outweigh the benefits so it's more realistic that the LISA would be useful if jointly buying a bigger or better property in future.

Alex

Sorry I probably should have said 'remembering the £450k price cap' which may or may not be an issue on the next property depending on where you are buying.