As long as the home you’re buying fits the above list, then it’s time to get hold of the cash. But don’t just withdraw it. Do this and you’ll pay charges. Instead you need to apply to the LISA provider for the money to be sent to your solicitor or conveyancer.
The money can be used for your exchange deposit (the money you hand over when you “exchange” contracts). However, this has to be done less than 90 days ahead of your completion, when you hand over the rest of the money and get the keys.
If the sale falls through your conveyancer will be able to put the money and bonus back into your LISA - though it must be the exact same amount.
However, if there was mistake and you weren’t eligible to use the bonus, say the property actually cost more than £450,000, then you’ll be hit with withdrawal charges – so make sure you can use the cash before it’s taken out of the LISA.