Is it surprising that solicitor hasn't heard of LISA?

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eddiejones
eddiejones Posts: 114 Forumite
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in ISAs & tax-free savings
Hi folks,

I've had an offer on a flat accepted. And so I'm looking for a solicitor to act for me. I've never had one of these and called a couple of places based on recommendations from the estate agent. I spoke to partners at two firms, who 'specialised' in residential purchases and neither had heard of the LISA. And kept on saying 'do you mean HTB ISA?'

Should I be worried? Have other people heard of similar? Will it be fairly simple for them to do the necessary when it comes to it?

Thanks,

Ed
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  • Alexland
    Alexland Posts: 9,653 Forumite
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    If a conveyencer is not motivated enough to keep up to date with such changes in their industry then I would question if you want them to be involved in your property purchase. They should totally know about this by now.

    Alex
  • mije1983
    mije1983 Posts: 3,665 Forumite
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    eddiejones wrote: »
    based on recommendations from the estate agent.


    That's the issue. They will more likely be the ones that give the EA the biggest kick back, rather than being recommended for their reputation!
  • eddiejones
    eddiejones Posts: 114 Forumite
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    Yes, makes sense. It's frustrating because they're £300 cheaper than two who have heard of it. I was thinking that what they need to do with regards to the LISA is simple enough that I should just not be worried about it.
    I.e. for Skipton, all they need to do is fill in a form on https://www.skipton.co.uk/mortgages/first-time-buyers/using-your-lifetime-isa ....
    And perhaps given that, I should be willing to save the £300...
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Hardly anyone would be using a LISA with them yet as you have to have them a year. Given the small number (relatively speaking) that would have a) done at least a year and b) be used by people that are only doing a years worth (most will be doing multiple years), it isnt surprising that they have not seen any.

    You would like to think they should know but most conveyancing is done by a junior clerk or office worker and signed off by the conveyancer.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • eddiejones
    eddiejones Posts: 114 Forumite
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    dunstonh wrote: »
    Hardly anyone would be using a LISA with them yet as you have to have them a year. Given the small number (relatively speaking) that would have a) done at least a year and b) be used by people that are only doing a years worth (most will be doing multiple years), it isnt surprising that they have not seen any.

    You would like to think they should know but most conveyancing is done by a junior clerk or office worker and signed off by the conveyancer.

    Good point, thanks.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Honestly you are better finding a local solicitor who knows their job and has an interest in their industry. I understand that there can be about 40% commission for an estate agent to recommend a helpdesk style conveyencer which doesn't really leave them with enough money to do a proper job.

    Alex
  • mije1983
    mije1983 Posts: 3,665 Forumite
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    edited 6 August 2018 at 7:36PM
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    dunstonh wrote: »
    Hardly anyone would be using a LISA with them yet as you have to have them a year. Given the small number (relatively speaking) that would have a) done at least a year and b) be used by people that are only doing a years worth (most will be doing multiple years), it isnt surprising that they have not seen any.

    You would like to think they should know but most conveyancing is done by a junior clerk or office worker and signed off by the conveyancer.


    But there's a big difference between not understanding the process or not had anyone use them (which is what you talk about), and not having heard of a LISA at all, especially as it was a 'partner' that the OP spoke to rather than a junior member of staff.

    For a 'specialist' in residential conveyancing, it's hard to believe they have never heard of a LISA as I would expect them to keep abreast of developments in their field. If it was me, I'd be looking elsewhere for legal representation. If they are unaware of the LISA, I would be wondering what else they are unaware of.
  • eddiejones
    eddiejones Posts: 114 Forumite
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    Thanks folks. FWIW, I have actually gone with the cheaper option. They seemed pretty nice, were reasonably responsive to emails. And so I've decided that makes up for their lack of knowledge a little. Plus the LISA stuff looks fairly trivial from their side :).

    Let's see how it goes!!!!
  • SmlSave
    SmlSave Posts: 4,911 Forumite
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    Eddiejones, please do check the terms and conditions of the conveyancers you have chosen. £300 cheaper is a lot and you should check that they don't charge for 'extras' on top of that.
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    I concur with the above.

    Basic conveyancing may only cover the legals in respect of the house purchase and not include searches etc. Make sure you are comparing like for like
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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