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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 16th Mar 16, 5:06 PM
    • 75Posts
    • 44Thanks
    MSE Helen Saxon
    Lifetime ISAs guide
    • #1
    • 16th Mar 16, 5:06 PM
    Lifetime ISAs guide 16th Mar 16 at 5:06 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven't already, join the forum to reply.


    Thanks folks,
    Last edited by MSE Andrea; 14-05-2018 at 1:33 PM.
Page 85
    • ALTAYLOR
    • By ALTAYLOR 26th Jun 18, 6:52 PM
    • 1 Posts
    • 0 Thanks
    ALTAYLOR
    LISA buy to rent armed forces
    Hi all,

    Does anybody know if you can buy a property using a LISA with the sole intention of renting it out? I know that there are rules stating this isn't possible, but due to being in the armed forces, I constantly live in a barracks and was wondering if this situation fell under "exceptional circumstances"

    Hope someone can help,

    Many thanks,

    Alex
    • masonic
    • By masonic 26th Jun 18, 7:02 PM
    • 9,488 Posts
    • 6,641 Thanks
    masonic
    Does anybody know if you can buy a property using a LISA with the sole intention of renting it out? I know that there are rules stating this isn't possible, but due to being in the armed forces, I constantly live in a barracks and was wondering if this situation fell under "exceptional circumstances"
    Originally posted by ALTAYLOR
    Leaving aside the rules about living in the property, one of the essential requirements is that you buy the property with a residential mortgage, which is not possible if you plan to rent out the property.

    Presumably you could buy a property with a partner and it would not break the rules if you were resident in barracks and your family lived in the property. Perhaps that doesn't fit your current circumstances, but might be an option in the future if true.
    • thenewguy
    • By thenewguy 28th Jun 18, 11:35 PM
    • 11 Posts
    • 3 Thanks
    thenewguy
    Hi all,

    Does anybody know if you can buy a property using a LISA with the sole intention of renting it out? I know that there are rules stating this isn't possible, but due to being in the armed forces, I constantly live in a barracks and was wondering if this situation fell under "exceptional circumstances"

    Hope someone can help,

    Many thanks,

    Alex
    Originally posted by ALTAYLOR
    Yes, you should be able to. Thereís a section specifically about this on the Lifetime ISA campaign website (I canít post links, but search for Lifetime ISA military property purchase).
    • thenewguy
    • By thenewguy 28th Jun 18, 11:48 PM
    • 11 Posts
    • 3 Thanks
    thenewguy
    Guessing most people having / had problems with bonuses not being paid are people who transferred out of Nutmeg...
    • masonic
    • By masonic 29th Jun 18, 6:40 AM
    • 9,488 Posts
    • 6,641 Thanks
    masonic
    Yes, you should be able to. There!!!8217;s a section specifically about this on the Lifetime ISA campaign website (I can!!!8217;t post links, but search for Lifetime ISA military property purchase).
    Originally posted by thenewguy
    Closest link I could find was this: https://www.gov.uk/guidance/forces-help-to-buy

    But the above doesn't involve a Lifetime ISA.
    Last edited by masonic; 29-06-2018 at 7:55 AM.
    • Jibeddy
    • By Jibeddy 1st Jul 18, 9:56 AM
    • 75 Posts
    • 39 Thanks
    Jibeddy
    I thought I was the only one having issues receiving their bonus from Skipton following a transferred LISA from Nutmeg. Not glad to see there's others, but slightly comforting knowing I'm not on my own with this.

    Originally I was told it was my details with HMRC were incorrect, corrected and was then told to expect the bonus within 2 weeks. Didn't happen. Chased them, was explained 'the specialist' has a way of forcing them through. Alas, he didn't. Called again, at this point they advised me of the issue with accounts transferred from Nutmeg. They'd call me within a week with a resolution. Didn't call me back.

    The last sentence repeats a couple of times, although at one point they did say this is affecting over 2,000 customers (you think they'd pull their finger out if this was the case) and that they're working on a resolution.

    I made an official complaint about 2 weeks ago, if they don't resolve it by the 8 week point I'll just take this to the ombudsman because their whole handling of this is a joke. They made no effort to contact me to say the bonus wouldn't be paid, they haven't called me back once despite repeated promises and I feel completely left in the lurch.

    Appreciate this is just a big rant but it's rather stressful and they've been so unhelpful for nearly 10 weeks now.
    • Alexland
    • By Alexland 1st Jul 18, 10:27 AM
    • 2,705 Posts
    • 2,056 Thanks
    Alexland
    You have done the right thing in raising a formal complaint with the new provider. Even if they are not in a position to add the bonuses they should be explaining their path to resolution and giving you an expectation on when it should be resolved.

    I think HL saw this problem coming when they stopped accepting inbound LISA transfers.
    • xyz123
    • By xyz123 3rd Jul 18, 6:36 PM
    • 1,540 Posts
    • 374 Thanks
    xyz123
    A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.
    • Ed-1
    • By Ed-1 3rd Jul 18, 6:39 PM
    • 2,258 Posts
    • 1,207 Thanks
    Ed-1
    A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.
    Originally posted by xyz123
    Yes, fine.
    • Wildsound
    • By Wildsound 3rd Jul 18, 6:46 PM
    • 60 Posts
    • 33 Thanks
    Wildsound
    A question please. Is it possible to transfer a cash LISA into a stocks and shares LISA? If it matters it is for retirement and not to buy a house. Thank you.
    Originally posted by xyz123
    You can. However, Hargreaves Lansdown are no longer accepting LISA transfers at this moment in time and probably for the foreseeable future. I am not sure about the other providers.
    • AbbiP
    • By AbbiP 6th Jul 18, 10:24 AM
    • 1 Posts
    • 3 Thanks
    AbbiP
    Using the LISA to buy a house
    Hi all,

    I'm new to the forum, but I joined because I have just completed a house purchase and used my LISA so I wanted to share some tips on using the LISA from my own experience to help others in planning their purchase timeline as not many solicitors/conveyancers have come across them yet and finding info on timings can be really tough:

    1) It seems naive, but I was not aware of the paperwork required to release my funds from my LISA to my solicitor without paying the penalty. You can find the two declaration froms on their FAQs section under a sub-section called "First Time Buyer?" (I can't post a link as I'm too new)

    2) This paperwork can be completed up to 30 days before your 12 months are up to enable faster processing. My timeline was really quick, but as I read on another thread, this may be because not many accounts will be ready to withdraw yet...

    3) Here's my timeline but there is one thing to bear in mind: I phoned and chased Skipton and their lovely customer service team almost daily. I can only say good things about their customer service and would highly recommend them.

    24/06/2018 Date forms given to solicitors (dropped through letterbox)
    25/06/2018 Date sent to Skipton first class post (confirmed via email from solicitors)
    26/06/2018 Date Skipton received forms (confirmed through phone call to customer services)
    02/07/2018 Called Skipton helpdesk for an update
    03/07/2018 Called Skipton helpdesk for an update
    04/07/2018 Form received via email 10:09
    04/07/2018 Form signed electronically and returned via email - confirmation received 10:13
    04/07/2018 Email from Skipton confirming transaction of funds 15:34
    04/07/2018 Email from solicitors confirming receipt 16:29
    06/07/2018 Completion date

    4) Once you complete, your conveyancer or solicitor must send off proof of completion to ensure you don't pay a penalty.

    I really hope this helps anyone who is looking to buy their first home and thanks again to all of Skipton's customer service team for their exceptional response times and professionalism. I felt so awful chasing every day, but I'm glad that it worked out.

    Good luck first time buyers!
    • eldeoh
    • By eldeoh 10th Jul 18, 1:39 PM
    • 3 Posts
    • 0 Thanks
    eldeoh
    I have a LISA with AJ Bell and will soon be moving abroad for a couple years (minimum).

    Is it possible to transfer £4k from existing cash/s&s isa's each year to my LISA and still get the bonus?
    • pink_pirlie
    • By pink_pirlie 10th Jul 18, 3:15 PM
    • 184 Posts
    • 115 Thanks
    pink_pirlie
    I have a LISA with AJ Bell and will soon be moving abroad for a couple years (minimum).

    Is it possible to transfer £4k from existing cash/s&s isa's each year to my LISA and still get the bonus?
    Originally posted by eldeoh
    You cannot deposit into an ISA (LISA or otherwise) if you are not resident in the UK. So for the period you are abroad you would need to leave it dormant.
    • eldeoh
    • By eldeoh 10th Jul 18, 4:06 PM
    • 3 Posts
    • 0 Thanks
    eldeoh
    I don't plan on depositing new money into an ISA or LISA. I'm asking if I can transfer existing cash ISAs over to a LISA while abroad.
    • pink_pirlie
    • By pink_pirlie 10th Jul 18, 5:08 PM
    • 184 Posts
    • 115 Thanks
    pink_pirlie
    Oops ... that serves me right for not reading your post properly. I got up way to early today.

    From a quick google search I can find no explicit reference to transfers by non-residents.

    However when initiating a transfer at HL from an ISA to a LISA part of the declaration is that you are a resident. AJ Bell states you cannot make payments into the LISA if you are not resident.

    The transfer counts towards the £4000 LISA limit and as a non-resident your LISA limit would be zero so I can't see how it would be possible.

    Useful research for me as I will also be non-resident in the next few years.
    Last edited by pink_pirlie; 10-07-2018 at 5:18 PM.
    • eldeoh
    • By eldeoh 10th Jul 18, 6:19 PM
    • 3 Posts
    • 0 Thanks
    eldeoh
    That's a shame.
    • Bex.cullingford
    • By Bex.cullingford 13th Jul 18, 7:43 AM
    • 2 Posts
    • 0 Thanks
    Bex.cullingford
    Ok so a Lisa is used for buying your first house or retirement. What if you have a private pension elsewhere? Can you move it to a Lisa? Is that money then ringfenced or could you potentially buy a house with that money?
    • Zorillo
    • By Zorillo 13th Jul 18, 8:12 AM
    • 223 Posts
    • 114 Thanks
    Zorillo
    You can't move your pension money into a LISA or buy a house with it (unless you're 55+ in which case you can withdraw it entirely if you chose to).
    • Bex.cullingford
    • By Bex.cullingford 13th Jul 18, 12:17 PM
    • 2 Posts
    • 0 Thanks
    Bex.cullingford
    That's what I thought. I was told otherwise by my pension provider but thought it sounded like they were wrong. Thanks
    • edwardpearson99
    • By edwardpearson99 13th Jul 18, 2:12 PM
    • 1 Posts
    • 0 Thanks
    edwardpearson99
    Lifetime ISA confusion
    I am looking to buy a house in roughly 4 years (my aim anyway)


    I have created a Skipton cash LISA . Without considering the 0.7% interest, would I earn the full £ 1000 per year (25% bonus) if I was to pay £ 4000 straight away and not put any more deposits in?


    As my balance will remain as £ 4000 minimum each year I think I will still earn the max £ 1000 government bonus for each 4 years?


    Please could someone advise? Thank you
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