This page includes Skipton's standard documents for use by solicitors or licensed conveyancers.
Lifetime ISA for a First House Purchase
The Lifetime ISA can be used for first home purchase without incurring the 25% government withdrawal charge, as long as the withdrawal occurs at least 12 months after the first payment into the account.
If your client has transferred to us from another Lifetime ISA provider, the 12 months starts from the date of their first payment into the original Lifetime ISA. If your client has transferred into a Lifetime ISA from a different type of ISA, the 12 months begins from the first payment into the Lifetime ISA, not the original ISA.
The purchase price of the property must not exceed £450,000 and the property must be purchased in the UK with a mortgage, but not a Buy to Let mortgage. Your client must occupy the property as their main residence immediately on completion.
You can find more information on gov.uk
Withdrawal for First House Purchase Process
The earliest funds can be withdrawn is 30 days before the completion date. We've explained below the process for withdrawing funds from a Lifetime ISA for first house purchase.
- The Lifetime ISA customer signs the Lifetime ISA Investor Declaration requesting the withdrawal and passes this to you.
- You complete the Lifetime ISA Conveyancer Declaration, send this to us by email or post along with the Lifetime ISA Investor Declaration. These can be sent by email to email@example.com or sent by post to: Customer Delivery
Skipton Building Society
- On receipt of these, we’ll check your credentials and we may call you to confirm the request.
- Following confirmation of this, we‘ll get in touch with the customer to tell them we’ve received this request and ask them to confirm their acceptance to authorise the payment of funds directly to you.
- On receipt of the customer’s acceptance, we carry out the withdrawal, paying the funds to you.
Frequently asked questions