₦airaland Forum

Ugmama:
My LISA will mature by 14 Oct 2026 and I just got an offer accepted and started by Id check. I just hope I can still be able to utilise my LISA Funds towards the property purchase.


Guys do you think I can meet up to exchange contract after Oct 13 2026?

Use delay tactics...... 😅😂🤣

Lexusgs430:
Use delay tactics...... 😅😂🤣

At what point will they need the LISA FUNDS, when should I and how should I try to delay? Hope seller no go vex abi he go delay from his side sef?

What point do I need to drop the Lisa funds so I bear that in mind.

Ugmama:
At what point will they need the LISA FUNDS, when should I and how should I try to delay? Hope seller no go vex abi he go delay from his side sef?

What point do I need to drop the Lisa funds so I bear that in mind.

Explain to your conveyancing solicitor, they would know how to push and pull......

Ugmama:
I am exactly in this situation. How did you do it bro? What did you do?

From what we found, there is no grace period or waiver for using the LISA before the 12-month mark. If you withdraw it early, even for a house purchase, the 25% withdrawal charge can apply.

What we did was keep the purchase moving while making everyone aware of the LISA timing from the start. We told the mortgage broker and solicitor that the LISA could only be used after the 12-month period. The first LISA payment was made in a certain month , so we made sure the solicitor understood that the LISA funds should not be requested before that date.

The way to navigate it is:

Make the offer/reservation now if the seller is happy.
tell the solicitor clearly about the LISA maturity date;
do not exchange contracts unless the deposit and LISA timing are clear;
ask the solicitor not to exchange without your written authority;
Make sure your mortgage offer will still be valid by the expected completion date.

Also try to keep some funds outside of your LISA in case the solicitor asks for money.

In our case, it helped because it was a new-build property, so completion was not immediate. The build completion window fitted better with the LISA maturity date.

So yes, you can start the buying process before the LISA reaches 12 months, but you need to be careful that the actual use of the LISA funds happens only when it is eligible. The biggest risk is exchanging too early without knowing how the deposit will be handled.

My advice is: be upfront with your solicitor and broker, get the LISA date confirmed in writing, and do not let anyone rush you into exchange until the money position is fully clear.

willyede:
From what we found, there is no grace period or waiver for using the LISA before the 12-month mark. If you withdraw it early, even for a house purchase, the 25% withdrawal charge can apply.

What we did was keep the purchase moving while making everyone aware of the LISA timing from the start. We told the mortgage broker and solicitor that the LISA could only be used after the 12-month period. The first LISA payment was made in a certain month , so we made sure the solicitor understood that the LISA funds should not be requested before that date.

The way to navigate it is:

Make the offer/reservation now if the seller is happy.
tell the solicitor clearly about the LISA maturity date;
do not exchange contracts unless the deposit and LISA timing are clear;
ask the solicitor not to exchange without your written authority;
Make sure your mortgage offer will still be valid by the expected completion date.

Also try to keep some funds outside of your LISA in case the solicitor asks for money.

In our case, it helped because it was a new-build property, so completion was not immediate. The build completion window fitted better with the LISA maturity date.

So yes, you can start the buying process before the LISA reaches 12 months, but you need to be careful that the actual use of the LISA funds happens only when it is eligible. The biggest risk is exchanging too early without knowing how the deposit will be handled.

My advice is: be upfront with your solicitor and broker, get the LISA date confirmed in writing, and do not let anyone rush you into exchange until the money position is fully clear.

Should I notify my mortgage broker as well about it? Or just conveyacer

willyede:
From what we found, there is no grace period or waiver for using the LISA before the 12-month mark. If you withdraw it early, even for a house purchase, the 25% withdrawal charge can apply.

What we did was keep the purchase moving while making everyone aware of the LISA timing from the start. We told the mortgage broker and solicitor that the LISA could only be used after the 12-month period. The first LISA payment was made in a certain month , so we made sure the solicitor understood that the LISA funds should not be requested before that date.

The way to navigate it is:

Make the offer/reservation now if the seller is happy.
tell the solicitor clearly about the LISA maturity date;
do not exchange contracts unless the deposit and LISA timing are clear;
ask the solicitor not to exchange without your written authority;
Make sure your mortgage offer will still be valid by the expected completion date.

Also try to keep some funds outside of your LISA in case the solicitor asks for money.

In our case, it helped because it was a new-build property, so completion was not immediate. The build completion window fitted better with the LISA maturity date.

So yes, you can start the buying process before the LISA reaches 12 months, but you need to be careful that the actual use of the LISA funds happens only when it is eligible. The biggest risk is exchanging too early without knowing how the deposit will be handled.

My advice is: be upfront with your solicitor and broker, get the LISA date confirmed in writing, and do not let anyone rush you into exchange until the money position is fully clear.

Should I notify my mortgage broker as well about it? Or just conveyancer

Ugmama:
My LISA will mature by 14 Oct 2026 and I just got an offer accepted and started by Id check. I just hope I can still be able to utilise my LISA Funds towards the property purchase.


Guys do you think I can meet up to exchange contract after Oct 13 2026?


Also, I dey find conveyancer who dey affordable reliable and contactable 😊


Any leads guys?

4 months is just around average for sales to complete, so you're on track. You just need to make sure you disclose to your solicitor in time so they can then in turn disclose to the seller's solicitors when it's time to set a completion date or if appropriate, beforehand.

As to conveyancers, my advice is to Google to try and find a firm near to you. Use their reviews to filter them. The online-only ones are sometimes cheaper but there's value in there being an office you can go to if need be, and even if you don't have to go to the office, they usually have much better communication so you'll find it easier to call or get a response to an email.


The online-only ones are mostly just independent people working under a shared name and sharing zone facilities. They are often not as organised.

Ugmama:
Should I notify my mortgage broker as well about it? Or just conveyacer

Yes. I would tell both. Cos that is what i did and that is why when they get your mortgage deed you will notice that the period will be extended mine is 6 months which is way above the build date and LISA timing.

Just for conveyancers to confirm I wont get extra fees to pay after getting their quote is difficult for them. I am not going with people that will put me on endless payments for their selfish gain.

Cheapest quote for property between 170-200k is 1900 pounds , how na?

Pearlyfaze:
Good Morning great minds.
Please I will need you to look at this and give me your thoughts. We are hoping to buy a property and the solicitor recommended by the developer gave us this quote:
Professional Charges

£375.00

VAT

£75.00

Searches (approx.)

£250.00

Stamp Duty or (FTB Relief)

£0.00

Electronic Client Identification Fee, including VAT (£15 per person)

30.00

Telegraphic Transfer Fee Including VAT

48.00

Land Registration Fee

£230.00

Lender Administration Fee Including VAT

180.00

Lender Panel Fee (if applicable)

42.00

HM Land Registry Searches

18.00

Anti-Fraud Check Fee

36.00

BACs fee

24.00

Lifetime ISA

£120.00

TOTAL

£1,428.00

So it was initially £1668, when I replied his first email, he removed £240 and gave me the above.
Please is this a good deal? Do solicitors charge for having our deposit in LISA?

Also our insurance quote by the Mortgage advisor is huge. Circa 120 for a 25 year deal term and both of us are 40years old.

Please how did the job go with this solicitor? What’s their name?

Ugmama:
Just for conveyancers to confirm I wont get extra fees to pay after getting their quote is difficult for them. I am not going with people that will put me on endless payments for their selfish gain.

Cheapest quote for property between 170-200k is 1900 pounds , how na?

Many would give some leeway just in case they encounter something unexpected but they should be able to state what instances hat would come into play.
I don't think the cost (for an average house) plays a huge role. The type of house may e.g flats can require more work. A 200k house in parts of the north can be worth double in parts of the south but the solicitors fees shouldn't be hugely different as they are not doing more work on one over the other based on their price.

You can shop around though. My quote 3 yrs ago was 1.8k ish for a circa 360k house. But that was 3 yrs ago and prices may have ticked up a bit.

jedisco:
Many would give some leeway just in case they encounter something unexpected but they should be able to state what instances hat would come into play.
I don't think the cost (for an average house) plays a huge role. The type of house may e.g flats can require more work. A 200k house in parts of the north can be worth double in parts of the south but the solicitors fees shouldn't be hugely different as they are not doing more work on one over the other based on their price.

You can shop around though. My quote 3 yrs ago was 1.8k ish for a circa 360k house. But that was 3 yrs ago and prices may have ticked up a bit.

They refused to confirm that I will not be charged more then the quote o.

They no reply my mail. They refuse to concur to me having independent solicitor I can communicate with regularly. Guys how is home legal direct? Agent of solicitors? Any experience working with them?

Ugmama:
They refused to confirm that I will not be charged more then the quote o.

They no reply my mail. They refuse to concur to me having independent solicitor I can communicate with regularly. Guys how is home legal direct? Agent of solicitors? Any experience working with them?

Regarding the bolded, many solicitors would leave a caveat just incase your file turns out more complex than expected. You can ask for reasonable assurances that the costs wouldn't rack up unless absolutely needed.
Also, many wouldn't give you a solicitor to communicate with. Most conveyancing is handled by their support staff and the solicitor signs off on it. It's the support staff that responds to your emails e.t.c
If I remember correctly, the only time I spoke to a solicitor directly was when they needed to sign the personal guarantee document on a BTL mortgage which my lender required. I had to pay privately for this.

Not used Home legal but there are no shortage of solicitors. A good way is asking someone who bought recently about their solicitor and if they had a good experience, they could refer you to them. I've also heard of Blacks Solicitors- that their fairly good and responsive.

Great improvement coming to the house purchase process - https://www.thetimes.com/life-style/property-home/article/end-of-gazumping-as-house-offers-to-be-made-legally-binding-in-uk-xctj0c3pd

Guys I am at the stage of doing snagging level 2 survey and at the same time Is it okay if I go with only Life insurance and Home insurance? Any idea how to ensure a good snagging is done abs what to look out for.

How popular is this practice among solicitors: Having a Lisa entirely for deposit limits having a time gap between exchange and completion, unless you show other funds outside Lisa. (The reason given is that if the sale fails due to the buyer's fault, you can't use LISA funds to settle with the seller.

Globalshaper:
How popular is this practice among solicitors: Having a Lisa entirely for deposit limits having a time gap between exchange and completion, unless you show other funds outside Lisa. (The reason given is that if the sale fails due to the buyer's fault, you can't use LISA funds to settle with the seller.

Dont fully get the question but the explanation given seems valid. Most folks would have some deposit outside of a LISA too

Goodenoch:
Great improvement coming to the house purchase process - https://www.thetimes.com/life-style/property-home/article/end-of-gazumping-as-house-offers-to-be-made-legally-binding-in-uk-xctj0c3pd

Well overude... the UK house buying process needs to be mordenised. The whole process should be able to routinely complete in a month. The delays are usually driven by inefficiencies

Lexusgs430:
Life insurance is most important, if you feel you have more money to spare, you can consider income protection insurance........

NB : Building insurance is compulsory, to protect your lender(legal requirement) and your investment........

Insurance protected to sell everything to you to make money. Please guys. What advise do you have, because I don’t think they will just pay off a mortgage if something happens to an individual just like that. They will bring theories of one thing or the other to run away after taking money from you monthly.

Life insurance does it really work? So if person kpai another person go enjoy the insurance 🤣
What insurance do you suggest one must do? I am thinking maybe below is okay, why do you think?

Building insurance
Income protection only?

Ugmama:
Insurance protected to sell everything to you to make money. Please guys. What advise do you have, because I don’t think they will just pay off a mortgage if something happens to an individual just like that. They will bring theories of one thing or the other to run away after taking money from you monthly.

Life insurance does it really work? So if person kpai another person go enjoy the insurance 🤣
What insurance do you suggest one must do? I am thinking maybe below is okay, why do you think?

Building insurance
Income protection only?

So if the person dies unexpectedly, what income are you protecting....... 🤣😂

Assuming the person is dead, the building is protected, but the mortgage payments are not....

Don't shut the stable doors, when the horse don japa...... 🐴😂🤣

Lexusgs430:
So if the person dies unexpectedly, what income are you protecting....... 🤣😂

Assuming the person is dead, the building is protected, but the mortgage payments are not....

Don't shut the stable doors, when the horse don japa...... 🐴😂🤣

😆 believing and being positive of no untimely death.

So do you advice I go with;

Building insurance and life insurance only.

I no want make these people sell me what won’t be useful to me. They want to sell everything

I

Ugmama:
😆 believing and being positive of no untimely death.

So do you advice I go with;

Building insurance and life insurance only.

I no want make these people sell me what won’t be useful to me. They want to sell everything

Those that untimely happened to, they also held similar position before untimely happened...... 😁😂

Building insurance is important, your lender mandates it and it's a legal requirement, also add content to it......

Life insurance, is also very important.... So your asset is protected and your loved, can do oblee and enjoy NOK status..... (Don't tell justwise)...... 🙄😁😂

Lexusgs430:
I

Those that untimely happened to, they also held similar position before untimely happened...... 😁😂

Building insurance is important, your lender mandates it and it's a legal requirement, also add content to it......

Life insurance, is also very important.... So your asset is protected and your loved, can do oblee and enjoy NOK status..... (Don't tell justwise)...... 🙄😁😂

Below is the bill they quote me:

Joint Policy - Life Cover only - £11.91/month
Or
Joint Policy - Life or Earlier Critical Illness Cover - £86.45/month

Building and contents insurance £43.35

What do you think!? Is life cover same as life Insurance?

Ugmama:
Below is the bill they quote me:

Joint Policy - Life Cover only - £11.91/month
Or
Joint Policy - Life or Earlier Critical Illness Cover - £86.45/month

Building and contents insurance £43.35

What do you think!? Is life cover same as life Insurance?

Building and content cover, is too expensive..... Seek other quotes from confused.com or similar sites.....

Life cover - Cover life term
Life insurance - Term based (say 25 years)....

Critical illness cover is good, but very expensive. And it's not refundable...... Let's hope that untimely illness, does not occur...... 🤣😂😁

Lexusgs430:
Building and content cover, is too expensive..... Seek other quotes from confused.com or similar sites.....

Life cover - Cover life term
Life insurance - Term based (say 25 years)....

Critical illness cover is good, but very expensive. And it's not refundable...... Let's hope that untimely illness, does not occur...... 🤣😂😁

Do you agree with me to go for only:

Life insurance and building insurance.

Ugmama:
Do you agree with me to go for only:

Life insurance and building insurance.

Absolutely.... But this is my opinion.....

But get quotes from multiple sources.....

Lexusgs430:
Absolutely.... But this is my opinion.....

But get quotes from multiple sources.....

I agree with your opinion. I won’t bother content insurance. I go dey buy affordable things wey I need and can replace myself 🤣

Ugmama:
I agree with your opinion. I won’t bother content insurance. I go dey buy affordable things wey I need and can replace myself 🤣

Content insurance, is just incase area boys come pack your kaya........ 😂🤣

Lexusgs430:
Content insurance, is just incase area boys come pack your kaya........ 😂🤣

For this UK🙄

Is it better I get the insurance separately from different company or do it with same company. For example getting building insurance with Aviva and life insurance with L&G. Or getting both with one company?

Ugmama:
For this UK🙄

Is it better I get the insurance separately from different company or do it with same company. For example getting building insurance with Aviva and life insurance with L&G. Or getting both with one company?

Go with the company that offers equal required cover, at pocket friendly prices......

Ugmama:
Below is the bill they quote me:

Joint Policy - Life Cover only - £11.91/month
Or
Joint Policy - Life or Earlier Critical Illness Cover - £86.45/month

Building and contents insurance £43.35

What do you think!? Is life cover same as life Insurance?

Your building insurance is it per month or that is for a year ? and how many bedroom is this for ? Ta

willyede:
Your building insurance is it per month or that is for a year ? and how many bedroom is this for ? Ta

Per month
3 bedroom