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  • FIRST POST
    • ebaillie1993
    • By ebaillie1993 13th May 18, 8:09 PM
    • 2Posts
    • 0Thanks
    ebaillie1993
    Calling those with experience of using LISA for first home!!
    • #1
    • 13th May 18, 8:09 PM
    Calling those with experience of using LISA for first home!! 13th May 18 at 8:09 PM
    I opened up my LISA on 30th August 2017, I've put a reserve on a new build this month and have stated that my LISA, where my deposit is, can not be used until earliest 30th August 2018. The developers are happy to wait as long as I can show I'm going through to right channels organising mortgage etc.

    Once it gets to this stage and I can instruct solicitor to apply for release of funds, does anyone know how long it will actually take, I'm with Skipton and it says within 30 days on their website but obviously the sooner the better with expiry of help to buy and mortgage offer to potentially think about?

    I do just wish there was exception to the rule and I could use the money early without incurring the charge but what can you do?!
Page 1
    • Alexland
    • By Alexland 14th May 18, 12:23 PM
    • 3,119 Posts
    • 2,456 Thanks
    Alexland
    • #2
    • 14th May 18, 12:23 PM
    • #2
    • 14th May 18, 12:23 PM
    I don't know what you are aiming for here - if the provider says to plan for 30 days then that is the recommended approach. Sure some people might get the money released in less time but you cannot depend on it so shouldn't plan for it.

    Alex.
    • pink_pirlie
    • By pink_pirlie 24th May 18, 8:07 PM
    • 188 Posts
    • 119 Thanks
    pink_pirlie
    • #3
    • 24th May 18, 8:07 PM
    • #3
    • 24th May 18, 8:07 PM
    As Alexland says, but you can get prepared in advance to make the process speedier.

    Find out your providerís withdrawal process,
    complete the declarations for the provider and conveyancer.
    Send off the request for release of the LISA money with a note to say to release it after the 1 year anniversary.
    Etc etc

    This should help speed it along when it comes time to exchange / complete.
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