6th August 2026 • The HERALD • Page 73 v READ THE HERALD ONLINE: www.herald-publishing.co.uk v ASK A PROFESSIONAL I understand that buying your rst home is an exciting step, but it can also be confusing, particularly when it comes to understanding products like the Lifetime ISA (LISA). I regularly help rst-time buyers who are using a Lifetime ISA to fund their purchase. While the scheme is relatively straightforward, the process of accessing the funds can o en catch buyers by surprise. A Lifetime ISA is designed to help individuals save for either their rst home or retirement. Those aged between 18 and 39 can open a LISA and contribute up to £4,000 each tax year. e Government adds a 25% bonus, meaning savers can receive up to £1,000 annually on top of their contributions. When advising my clients, I explain that to use a LISA for a property purchase, the property must generally be their rst home, cost no more than £450,000 and be intended as their main residence. I am also o en asked about Help to Buy ISAs. Although these are now closed to new applicants, many people still hold existing accounts. Savings from both a Help to Buy ISA and a Lifetime ISA can be used towards a purchase, but the Government bonus can only be claimed from one account. One of the most important points I discuss with my clients is the withdrawal process. Although all Lifetime ISA providers follow the same Government rules, their procedures can vary. Some release funds quickly, while others require additional paperwork or longer processing times. I cannot access LISA funds in the same way as money held in a standard bank account. is is why I always encourage my clients to let me, or our enquiry team, know about their Lifetime ISA as early as possible to help prevent delays. In my experience, a Lifetime ISA is an excellent way for rst-time buyers to build a deposit. Understanding how the account works and informing your lawyer early can help make your purchase run more smoothly. If you’re buying your rst home and have questions about using a Lifetime ISA or Help to Buy ISA, TMT is always happy to help. Contact our friendly team on 0333 188 4758, pop into one of our o ces in Hythe, Chandler’s Ford and Bitterne Village, or via our website: www.tmtlegalservices.co.uk Understanding Lifetime ISAs: A Guide for FirstTime Buyers by Shannon Doyle, Experienced Conveyancing Executive at TMT Legal Services Shannon Doyle, Experienced Conveyancing Executive at TMT Legal Services
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