In order to begin the Lifetime ISA withdrawal process, we’ll first need our mutual customer to start the process in the app in Settings > Withdraw > LISA.
We recommend customers get in touch about one month before you need to use the funds towards the purchase, as the exact withdrawal timings can vary, depending on a few factors covered below.
This allows them to give us permission to act on their behalf, confirm they meet the eligibility criteria set by HMRC, and provide your contact details. We’ll then contact you directly with a blank conveyancer declaration, which we’ll need you to fill in and return to us.
Once we’ve received your form, we’ll review the withdrawal request within 5 working days to verify all the details.
For Cash LISAs, you'll receive the money in time for the 'funds required by' date you have specified.
For Stocks & Shares LISAs, the withdrawal is initiated straight away after the request has been reviewed, and then typically completes within 5 working days. The customer's investments are sold down, and the proceeds sent to you as cash.
Once the withdrawal has completed, we’ll send the funds via Faster Payments; typically by the end of the working day.
Please note, in line with HMRC guidance, it is your responsibility as the customer’s conveyancer to ensure that the property purchase completes within 90 days of the withdrawal, and you’ll need to notify us once the property sale has completed – this can be done by email.