Once we have received the forms, and we are happy with the information provided, we will make the payment of the requested withdrawal amount directly to your conveyancer. If the purchase of the home is completed within 90 days your conveyancer will inform us.
Please note if you are purchasing your first home with someone else and they have a Lifetime ISA then they will need to go through this process as well and your conveyancer will manage this. If your house purchase is not completed within 90 days of receiving the money, you can apply for a 60 day extension, and then another 30 days. However if the purchase still hasn’t gone through after this, the Lifetime ISA money must be returned to us otherwise the 25% Government withdrawal charge will apply.
Do I need to withdraw all of my money?
No, you choose how much of your Lifetime ISA element you would like to withdraw for your home purchase. You can make several withdrawals between the initial deposit and completion of the purchase, however HMRC rules require us to have the completed Investor Declaration and Conveyancer Declaration for every withdrawal.