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HM Revenue and Customs gov.uk

Conveyancers: first time residential purchase with a Lifetime ISA

Imported from official source

From 6 April 2018 funds (including any bonus) can be withdrawn from a Lifetime ISA to put towards a first time residential purchase if:

  • the withdrawal is no more than the purchase price of the property
  • the property is being purchased with a mortgage
  • the property purchase is at least 12 months after the first payment was made into the Lifetime ISA
  • the purchase must be a legal interest in land in the UK with a view to the investor becoming a residential property owner

    • From 29 October 2026, if funds are withdrawn to buy a property and the purchase price is more than £450,000 a 20% withdrawal charge will apply.

    If the investor is a crown servant serving overseas, or their spouse or civil partner who is unable to occupy the land as their only or main residence at the time of acquisition, they must intend to occupy the land in the future.

    If the investor has a Lifetime ISA and a Help to Buy ISA, they can only use the government bonus from one of them to buy their first home.

  • details of their Lifetime ISA manager including name, address and postcode
  • the account number from which the withdrawal will be made
  • the full address and purchase price of the residential property
  • the withdrawal will only be used to cover the purchase price of the property
  • that they aren’t also claiming, or have claimed, a Help to Buy ISA government bonus claim in connection with the purchase of any property
  • the name and address of the seller’s conveyancer (if known)
  • that all the conditions for a withdrawal for the first time residential purchase are met, or, in the case of a purchase of land with a dwelling which is not yet habitable, when that will take place
  • that the information provided is true and complete to the best of their knowledge and belief

    • A model declaration example with text that must be included is attached below.

    You must provide the following information to the Lifetime ISA manager to release the funds for the purchase:

  • a declaration you’re an eligible conveyancer

    • This is an extract. The publication continues at the source.

    Contains public sector information licensed under the Open Government Licence v3.0. Licence

    Read the original at the source: https://www.gov.uk/guidance/conveyancers-first-time-residential-purchase-with-a-lifetime-isa

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    Provenance

    Organization
    HM Revenue and Customs — imported from official source
    Official source
    https://www.gov.uk/government/organisations/hm-revenue-customs.atom ATOM
    Imported
    October 28, 2026 18:01
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    1 recorded
    Identity
    https://www.gov.uk/guidance/conveyancers-first-time-residential-purchase-with-a-lifetim...

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