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Topic: Financial Requirements (Savings)  (Read 282 times)

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Financial Requirements (Savings)
« on: August 12, 2017, 10:08:30 PM »
I am applying for my spouse visa and we are using savings as our way of fulfilling the financial requirement. The way we reached the required £62,500 was from the sale of our house. This being the case we do not have to have had the money in savings the normally required six months. That being the case what IS required is a letter form our lawyer/solicitor.

We are going to have the letter state the following facts. Can anyone think of anything we should ad to this letter?


1- Dates we owned house. (Over five year.)
2- Date of the sale of the house. (This June.)
3- That it was owned by us jointly.
4- Dollar amount  total paid to us after all taxes and professional fees were paid.
5- That there was NO outstanding mortgage on the property and was owned in full, free and clear.

Should we will also include a copy of the deed to the house? (Although we no longer own it.)

And of course we will include current bank statements on our banks letterhead that show we have deposited the proceeds from the sale of the house into my wives savings account.

Many thanks,

NWKH
UK Spouse Visa
Married: 2001 (Both Living in the US)
Biometrics: 27 Dec 2017
Received in Sheffield: 02 Jan 2018
Decision email: 24 Jan 2018 (17 Bus. Days)
Returned mail: 28 Jan 2018 It's a YES!!!
Landed in UK: 11 Feb 2018
Granted FLR(M): 22 Oct 2020
Granted ILR:  28 Feb 2023
Citizenship Granted:  18 Jan 2024


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Re: Financial Requirements (Savings)
« Reply #1 on: August 12, 2017, 10:23:38 PM »
There's no official guidance on what evidence you need to include for the sale of property, so it's really up to you what you include with it to show you owned the property for at least 6 months before the sale.

Appendix FM 1.7 just gives examples of what you COULD send:

Quote
7.4.12. Examples of the evidence that can be provided include:
- Land Registry information or documentation (or a copy of this) or its overseas equivalent.
- A letter from a solicitor (or other relevant professional if the sale takes place overseas) instructed in the sale of the property confirming the sale price and other relevant information.
- A letter from a lender (a bank or building society) on its headed stationery regarding the repayment of a mortgage or loan secured on the property.
- Confirmation of payment of taxes or professional fees associated with the sale.

And they also give a case study of someone in this situation:

Quote
Example (b)
The applicant and his partner own two properties, one in the UK and one overseas. They have owned both properties which are residential homes for over 10 years. They sell the overseas property prior to returning to the UK. The property is sold 3 months prior to the date of application and the applicant has provided evidence showing that the net proceeds from the sale amount to £70,500 after payment of professional fees and taxes.

The applicant has provided a solicitor’s letter confirming ownership and the sale of the property and a further letter from the solicitor showing the financial transactions and that all outstanding fees are paid. He has also provided a letter from the mortgage lender showing the original purchase price and outstanding mortgage at time of sale and that this has been paid, together with bank statements to show the transfer of the proceeds into the couple’s joint account.

The cash savings now held at the date of application meet the requirements of Appendix FM-SE because taking account of the period they were held as property, the funds have been held by the applicant and under their control for at least the 6 months prior to the date of application. In addition the specified evidence required for the period the money has been held as cash savings has been provided. So the financial requirement is met through Category D cash savings.

So, as long as you cover the above information and show that the money has been deposited in your account, you'll be fine :).


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Re: Financial Requirements (Savings)
« Reply #2 on: August 12, 2017, 10:56:54 PM »
ksand24-

As always thanks so much. Gonna shoot off an email to our lawyer but only want to ask her once so wanted to make sure I was covering our bases.

Thanks again so much.

NWKH
UK Spouse Visa
Married: 2001 (Both Living in the US)
Biometrics: 27 Dec 2017
Received in Sheffield: 02 Jan 2018
Decision email: 24 Jan 2018 (17 Bus. Days)
Returned mail: 28 Jan 2018 It's a YES!!!
Landed in UK: 11 Feb 2018
Granted FLR(M): 22 Oct 2020
Granted ILR:  28 Feb 2023
Citizenship Granted:  18 Jan 2024


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Re: Financial Requirements (Savings)
« Reply #3 on: August 13, 2017, 07:32:18 AM »
Although it does specify what you may include, I would send as many items from the list as possible so not just the solicitor letter but also the deed/land registry information, receipts for payment of taxes and fees and anything else  relevant.

Quote
(iv) The decision-maker is satisfied that the requirements in sub-paragraphs (i)-(iii) are met on the basis of information and documents submitted in support of the application. These may include for example:

    (1) Registration information or documentation (or a copy of this) from the Land Registry (or overseas equivalent).
    (2) A letter from a solicitor (or other relevant professional, if the sale takes place overseas) instructed in the sale of the property confirming the sale price and other relevant information.
    (3) A letter from a lender (a bank or building society) on its headed stationery regarding the repayment of a mortgage or loan secured on the property.
    (4) Confirmation of payment of taxes or professional fees associated with the sale.
    (5) Any other relevant evidence that the requirements in subparagraphs (i)-(iii) are met.
 

https://www.gov.uk/guidance/immigration-rules/immigration-rules-appendix-fm-se-family-members-specified-evidence



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Re: Financial Requirements (Savings)
« Reply #4 on: August 13, 2017, 12:42:33 PM »
Larrabee-

Thats a great idea on the receipts for the payment of taxes. Had not thought of that. Will do.

Thanks,

NWKH
UK Spouse Visa
Married: 2001 (Both Living in the US)
Biometrics: 27 Dec 2017
Received in Sheffield: 02 Jan 2018
Decision email: 24 Jan 2018 (17 Bus. Days)
Returned mail: 28 Jan 2018 It's a YES!!!
Landed in UK: 11 Feb 2018
Granted FLR(M): 22 Oct 2020
Granted ILR:  28 Feb 2023
Citizenship Granted:  18 Jan 2024


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