LASP - Has anyone ever got what they asked for

Discussion in 'Finance, Property, Law' started by Pox_Dr, Feb 2, 2003.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. In the process of buying my first house & thought Id take advantage of the LSAP as I meet all the criteria. Applied for the Max amount of 8500, however just received a letter from my solicitor, stating that MOD are offering just 3000.

    Slightly perturb I made direct contact with TSLSAPC at HMS Centurion, only to be told they don’t enter into discussion or negotiation, & thats all they will offer me on a property of 189000 with 20yrs service behind me.

    I told them I would like to withdraw my application & look elsewhere.

    Has anyone else had similar problems in accessing LSAP?
  2. There must be something in the qualifying criteria here as normally it is a straight forward request. I suggest you have a re read of the blurb or ask your RAO.

    Good luck !
  3. Ventress

    Ventress LE Moderator

    Join the Navy, My Missus got the full £8,000, and she was only 27! The whole 'them and us' situation is $hite!
  4. I applied for LSAP £8497.65. I got everything that I applied for.

    When you fill in the AF0 9666 you have to state all the costs and where all the money is coming from. This will then be confirmed by the solicitor acting for you.

    Did you have a house that you sold beforehand. If you did you must use all the equity that you raised from the sale of that property. If you don't they will reduce your LSAP.

    Have you applied for refund of legal expenses on the purchase? If you have the total amount that you can get from the 2 schemes can only be up to £8500.

    Go into your RAO and ask to speak to the FSA or RAO to find out what the problem is. They can phone Centurian and get an answer for you.

    The LSAP advance is interest free unless you rent out the property and you won't the get the money cheaper elsewhere.
  5. I think this is wrong after checking today. If the loan is over £5K then you have to pay tax.  :(
  6. No it's not, the loan is tax free.  You have to pay a small insurance premium. There is blurb about it in the LSAP regulations but it's about 3 or 4 quid on the full 8.5 grand.

    Course the Inland Revenue will amend your tax code if the LSAP is over 5 grand as you are receiving a beneficial loan from your employer.

    Just hope they bring all 3 services into line for the qualifying criteria - I can but dream :-*
  7. Plus if you ask for the full amount and your solicitor backs this up you should get it, you need 3 months service left and enough of a gratuity to pay off the balance when you leave.  

    22 years should do it I would have thought, but then again it's lowly paid civil servants at Centurion doing all the working out - go figure ???
  8. I think you are getting muddled here. The loan attracts a tax liability if over £5000 and yes the tax office will adjust your code to ensure you pay more tax !

    Most servicemen qualify and at least something is better than nothing !
  9. Thing that pisses me off is that you have to live in the house, if you are at a BFPO and in your last few years, you cant really take advantage of it.
  10. The way to do this is to apply, say you are going to live in it, and then rent it out. See Para 71 of the DCI where is says that letting is permitted with permission of the CO.