₦airaland Forum

Ogonsbaba:
Hi, I'm I still eligible for the bonus £1000 in my Lifetime ISA if I fund my account with £4000 on 1st April, 2024?

And is there any maximum number of years one can fund Lifetime ISA account and still be eligible for the bonus £1000 as I intend to fund £4000 each year for 5 years?

Yes you are eligible, cut off date is April 5th as the new tax year starts on April 6th.

You'll get the bonus up until your 50th birthday.

LISA... Maxed out

Waiting for 6th April 2024 to continue £100 weekly contribution with money box.

Try join if you're less than 40 years...

ukay2:
LISA... Maxed out

Waiting for 6th April 2024 to continue £100 weekly contribution with money box.

Try join if you're less than 40 years...

Hold on, why are you maxing LISA ........ You no longer qualify for FTB status......... Abi nah hangover dey worry me .......😁🤣

Tolzeal:
I think it would be fund ISA , not sure one is qualified for LISA again after first use to buy a property. But the rest could be used for ISA

You would no longer qualify for FTB status....... Why not switch to a SIPP account....... You also receive £1000 (free), on £4000 deposits (only downside, you cannot withdraw from SIPP, till you hit 65 years old + you pay a SIPP subscription fee + your SIPP portfolio is self managed .........😁

Lexusgs430:
Hold on, why are you maxing LISA ........ You no longer qualify for FTB status......... Abi nah hangover dey worry me .......😁🤣

You can continue LISA contributions after FTB.... King Charlie is happy for us to continue saving in LISA after FTB till age 55

I currently have my LISA with money box. Is it possible to deposi 4k before April 6,2024, and deposit another 4k before April 30 and withdraw it for FTB?
Will I get the 2k bonus?

Estroller:
Yes you are eligible, cut off date is April 5th as the new tax year starts on April 6th.

You'll get the bonus up until your 50th birthday.

solveabode:
I currently have my LISA with money box. Is it possible to deposi 4k before April 6,2024, and deposit another 4k before April 30 and withdraw it for FTB?
Will I get the 2k bonus?

The tax year is from April 6th - April 5th the following year, so yes you can and will get the full bonus on both deposits.

You can also withdraw for your home purchase as long as you've had the account for minimum of a year before your withdrawal date. If you withdraw before the 1st anniversary of the account, you'll have to pay a penalty for withdrawing early.

https://www.moneysavingexpert.com/mortgages/mortgage-guide/ .. interesting article

Please what's the penalty for withdrawing before the 1st anniversary of the account?

Estroller:
The tax year is from April 6th - April 5th the following year, so yes you can and will get the full bonus on both deposits.

You can also withdraw for your home purchase as long as you've had the account for minimum of a year before your withdrawal date. If you withdraw before the 1st anniversary of the account, you'll have to pay a penalty for withdrawing early.

Please for those that have withdrawn funds from Moneybox for Home Purchase, How long does it take Moneybox to credit your solicitor?

Hi

Pls is it possible to pay all the sum of £4k into LISA account or you have to pay it monthly.

Also pls can you advice how i can open the LISA account.

Thanks

Kunleop:
Hi

Pls is it possible to pay all the sum of £4k into LISA account or you have to pay it monthly.

Also pls can you advice how i can open the LISA account.

Thanks

Yes, it is very possible and you can open with MoneyBox app

specialenvoy:
Please for those that have withdrawn funds from Moneybox for Home Purchase, How long does it take Moneybox to credit your solicitor?

About 1 week or 3 days.

bsafolabi:
Please what's the penalty for withdrawing before the 1st anniversary of the account?

See attached

Thanks boss 👍

Estroller:
See attached

hi hi,

Please can anyone list out some quality mortgage advisors?

I have one but the lady is a bit slow in responding and writing up an AIP.

Does AIP take time to develop? I have house viewing and i'm seriously looking at moving this year by God's special grace..

If mortgage advisor is dragging, what would solicitor then do?

I just need a list of alternatives so i can change mortgage advisor if she keeps dragging her feet.

Thanks.

profemebee:
hi hi,

Please can anyone list out some quality mortgage advisors?

I have one but the lady is a bit slow in responding and writing up an AIP.

Does AIP take time to develop? I have house viewing and i'm seriously looking at moving this year by God's special grace..

If mortgage advisor is dragging, what would solicitor then do?

I just need a list of alternatives so i can change mortgage advisor if she keeps dragging her feet.

Thanks.

Check the first page of the thread, semmyk curated a list there.

specialenvoy:
Please for those that have withdrawn funds from Moneybox for Home Purchase, How long does it take Moneybox to credit your solicitor?

Mine took a week

oh that's true, thanks

Estroller:
Check the first page of the thread, semmyk curated a list there.

For those that purchased recently or have experience buying new builds from developers, Do they usually discount on the price, (asides the cash back they would give towards completion i.e flooring, kitchen/bathroom upgrade etc). Cos me I dey always ask for discount ooh but none of them have bulged so far. Would be nice to know if anyone was able to secure a discount in the asking price of their New build property.

From my experience, None!!!!!

Cashback is the negotiating tool they use.. and that can be used for whatever you want

Santa2:
For those that purchased recently or have experience buying new builds from developers, Do they usually discount on the price, (asides the cash back they would give towards completion i.e flooring, kitchen/bathroom upgrade etc). Cos me I dey always ask for discount ooh but none of them have bulged so far. Would be nice to know if anyone was able to secure a discount in the asking price of their New build property.

profemebee:
From my experience, None!!!!!

Cashback is the negotiating tool they use.. and that can be used for whatever you want

Na wah for them ooh...Anywayz we move!!!

Solumtoya:
About 1 week or 3 days.

Around what point is the deposit usually transferred to Solicitor. is it usually around exchange of contracts, or usually at completion. I understand it might be different with each application. But just want to have an overview.

Santa2:
Around what point is the deposit usually transferred to Solicitor. is it usually around exchange of contracts, or usually at completion. I understand it might be different with each application. But just want to have an overview.

Yes, ideally it's just before Exchange of Contracts but can be anytime till Completion. Because my LISA was not 1 year yet by Exchange of Contracts, I got a waiver to exchange without paying deposit and paid just before Completion.

The Solicitor really just holds the deposit till Completion but they want to have it by the time you Exchange to avoid stories.

Solumtoya:
Yes, ideally it's just before Exchange of Contracts but can be anytime till Completion. Because my LISA was not 1 year yet by Exchange of Contracts, I got a waiver to exchange without paying deposit and paid just before Completion.

The Solicitor really just holds the deposit till Completion but they want to have it by the time you Exchange to avoid stories.

Thanks for the clarification. I appreciate.

Santa2:
For those that purchased recently or have experience buying new builds from developers, Do they usually discount on the price, (asides the cash back they would give towards completion i.e flooring, kitchen/bathroom upgrade etc). Cos me I dey always ask for discount ooh but none of them have bulged so far. Would be nice to know if anyone was able to secure a discount in the asking price of their New build property.

Some give a 5% deposit and all of these other benefits you wrote here.

Our developer gave us a 5% deposit for New Build, We exchanged the Contract on the 4th of January for LTV 80%. We provided 15% and the builder 5%.

The same kind of house is now 15k above what was sold to us. I don't know if it's a good sign.

So it depends on where and Who.

Perssimon Gave my friend 5% also.
We are in the North East of England.

Can anyone please recommend a snagger around the Yorkshire region? When is the best time to get Snagger to visit the house?

Also, I need clarifications on these two:

1. If we get the keys and we are yet to move into the house, at what point are we going to start changing our address? When we move in or when we get the keys?

2. When can we contact the Council for Bins?

1. If you have the keys, you can start changing immediately.

2. As soon as you can or you dey fear Storm Daniel go blow them away 😜

specialenvoy:
Can anyone please recommend a snagger around the Yorkshire region? When is the best time to get Snagger to visit the house?

Also, I need clarifications on these two:

1. If we get the keys and we are yet to move into the house, at what point are we going to start changing our address? When we move in or when we get the keys?

2. When can we contact the Council for Bins?

I thought you can't use the LISA to buy house if it's not up to a year?

Solumtoya:
Yes, ideally it's just before Exchange of Contracts but can be anytime till Completion. Because my LISA was not 1 year yet by Exchange of Contracts, I got a waiver to exchange without paying deposit and paid just before Completion.

The Solicitor really just holds the deposit till Completion but they want to have it by the time you Exchange to avoid stories.

solveabode:
I thought you can't use the LISA to buy house if it's not up to a year?

Yes that's correct. In OP's case, he was only allowed to exchange contract, which means he can't back out of the deal again at that point without taking a financial hit. Money does not change hands at this point, it does at completion by which time I believe OP's LISA would have marked it's 1st anniversary, thereby eligible for withdrawal for the home purchase.

Lol @ Storm Daniel.

On the address change, it might still take us about 3 weeks before we move to the new house, if we decide to start changing the week we are moving in, Is there any issue for concern?

Bourne007:
1. If you have the keys, you can start changing immediately.

2. As soon as you can or you dey fear Storm Daniel go blow them away 😜

Thank you for the clarification.

Estroller:
Yes that's correct. In OP's case, he was only allowed to exchange contract, which means he can't back out of the deal again at that point without taking a financial hit. Money does not change hands at this point, it does at completion by which time I believe OP's LISA would have marked it's 1st anniversary, thereby eligible for withdrawal for the home purchase.