Can I use £30k I have in my lifetime ISA to purchase my way onto the deed of the house someway?
25 July 2022
Question by Victoria
My partner owns his house outright. We live together and are getting married this year. We have no intention of moving, but I have £30K in my lifetime ISA. Can I use this to purchase my way onto the deed of the house someway?
Answered by Chris Broome
The Lifetime ISA (LISA) rules allow the full value of the LISA to be used towards the purchase price of your first residential property in the UK.
This includes when the purchase is being made as a joint owner with another person who may already own the property.
So, yes, as long as you are a first-time buyer, you can buy a share of your partner's property.
Your conveyancer must give the LISA manager (the bank or building society it is with) all the details before the withdrawal is made.
I hope that all helps. Good luck and all the best for your future.