Your client is ready to withdraw from their Lifetime ISA for their first home. Here are some of the questions we get asked a lot about our Lifetime ISA by conveyancers & solicitors. If you can’t find the answer to your question here, you might find it in our Lifetime ISA FAQs or contact the team via Live Chat.
You will need to complete our Conveyancer Declaration Form to along with the completed Investor Declaration Form which will need to be sent to us at least 30 days before the completion date. (linked to PDFs on our documents page)
A completion date helps us to process and prioritise a first house purchase withdrawal request, but if you don’t have this, we will release the funds 30 days after we receive the completed withdrawal request from you. If you submitted a request without it and you now know the completion date, please contact us as soon as possible by emailing savings@bibs.co.uk.
Yes, we can accept both the conveyancer and investor declaration forms via email, giving as much notice as possible. The declaration forms must be sent on separate emails for each client, to ensure data protection.
90 days from you receiving the funds from us. If it’s taking longer than 90 days you can write to us to request an extension. This can be done by sending an email to savings@bibs.co.uk.
You can request withdrawals from the account as many times as your client requires up to completion, there is no minimum withdrawal amount. We’d require completed declarations from both you and your client each time a withdrawal is requested during this process.
The money can only be used for your client’s deposit on their first property and it must be purchased with a mortgage (but not a Buy to Let mortgage), on a property with a purchase price of £450,000 or less. Otherwise, the 25% government withdrawal charge would apply.
The purchase price of your client’s first home must not exceed £450,000 and the property must be purchased in the UK with a mortgage, but not a Buy to Let mortgage. The mortgage must not be a loan from a connected party. A connected party is defined as:
Your clients must occupy the property as their main residence immediately on completion. Please note that if the client(s) are a UK Crown employee serving overseas they must intend to reside in the UK and use the property as their main residence in the future.
If the house purchase falls through, you must return the funds within 10 working days of the house purchase falling through and the amount withdrawn will be paid back into your client’s account. If the first house purchase withdrawal closed the account, it’ll be reopened when the funds are returned, but your client’s membership will not be backdated (if this was the only Bath Building Society account that was held). If you return less than the amount withdrawn or don’t return the funds, your client will be charged a 25% government withdrawal charge on the shortfall amount. Please complete the Home Progress Declaration to begin this process (link to PDFs on our documents page)
If you need to request an extension to the 90 days, please contact us as soon as possible via email at savings@bibs.co.uk completing the Home Progress Declaration to begin this process (link to PDFs on our documents page)
