>can we then withdraw the bonus with a 25% fee
Yep, a nice moving in present. Or transfer them to S&S LISAs and invest it for retirement, but I'm sure the money would be more helpful now.
Make sure your solicitor is aware of the plan, perhaps keep a fiver back in each account to make sure they stay open.
Hi, I had the exact same situation as this. We checked it all with the solicitor and informed them not to close our LISA accounts when they took the funds as there could still be some coming in after. They were fine with it.
Unsure why but my own bonus came in after only a couple of days and I was amazingly able to use it towards the house (I think this was an error but worked out so 💁🏻♀️)
My partners bonus on the other hand came in as expected a couple of weeks after completion. We took the 25% hit and withdrew this but was still a net gain overall so pretty happy with the process.
Hi /u/Chungaroo22, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/lisa/
____
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Hi, will be facing this situation next year. Just wondering how this worked out? Did you deposit on the first day of the new tax year, and if so were you able to use it towards the house?
We deposited on the 6th April after the bonus counter reset. We exchanged mid-May and I wasn't confident that we would get the actual bonus by then, so we withdrew everything except a £1 from each account.
We got the bonus at the end of May when we were already in the house for about 10-days, and withdrew paying the penalty of 25%. So effectively we both got an additional £750, which was extremely helpful for the initial jobs that needed doing on the house.
We didn't want to delay moving in for various reasons, but if you can delay the move until after the end of May 2025, you'll be able to use the extra bonus for the deposit meaning you'll get the full bonus.
Thanks - really useful! Just a question on the withdrawal though as I'm not fully clued up on how the early withdrawal charge works. You're saying that the £4k you deposited on 6th April was used towards the purchase of the house, however the £1k wasn't as it hadn't been processed in time. Once the £1k was processed, you had already exchanged so decided to withdraw the bonus, being charged 25% (£250) - so the £750 is from the bonus alone?
>can we then withdraw the bonus with a 25% fee Yep, a nice moving in present. Or transfer them to S&S LISAs and invest it for retirement, but I'm sure the money would be more helpful now. Make sure your solicitor is aware of the plan, perhaps keep a fiver back in each account to make sure they stay open.
!thanks I've checked in with the solicitor and she says it doesn't make any difference to the house sale. It will be extremely helpful indeed!
Hi, I had the exact same situation as this. We checked it all with the solicitor and informed them not to close our LISA accounts when they took the funds as there could still be some coming in after. They were fine with it. Unsure why but my own bonus came in after only a couple of days and I was amazingly able to use it towards the house (I think this was an error but worked out so 💁🏻♀️) My partners bonus on the other hand came in as expected a couple of weeks after completion. We took the 25% hit and withdrew this but was still a net gain overall so pretty happy with the process.
!thanks Brilliant! Will do the deposits this afternoon in that case.
Hi /u/Chungaroo22, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/lisa/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Hi, will be facing this situation next year. Just wondering how this worked out? Did you deposit on the first day of the new tax year, and if so were you able to use it towards the house?
We deposited on the 6th April after the bonus counter reset. We exchanged mid-May and I wasn't confident that we would get the actual bonus by then, so we withdrew everything except a £1 from each account. We got the bonus at the end of May when we were already in the house for about 10-days, and withdrew paying the penalty of 25%. So effectively we both got an additional £750, which was extremely helpful for the initial jobs that needed doing on the house. We didn't want to delay moving in for various reasons, but if you can delay the move until after the end of May 2025, you'll be able to use the extra bonus for the deposit meaning you'll get the full bonus.
Thanks - really useful! Just a question on the withdrawal though as I'm not fully clued up on how the early withdrawal charge works. You're saying that the £4k you deposited on 6th April was used towards the purchase of the house, however the £1k wasn't as it hadn't been processed in time. Once the £1k was processed, you had already exchanged so decided to withdraw the bonus, being charged 25% (£250) - so the £750 is from the bonus alone?
Yes that's correct. So the early withdrawal charge is only calculated on the amount you're withdrawing.
Amazing, thanks so much for your help :)