What is the process for withdrawing funds from a Lifetime ISA for a solicitor?

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 process the withdrawal as soon as we can. This can take up to 5 working days while we check your form and verify the details. Once your request has been processed you’ll typically receive the funds on the next working day for our Cash Lifetime ISA, or within 10 working days for our Stocks & Shares Lifetime ISA. Then, once the withdrawal has completed, we’ll send the funds via Faster Payments; typically by the end of the working day.

If the customer has pending deposits or government bonuses, the withdrawal process can take longer. More information on this can be found here.

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.