Congratulations in advance on the upcoming wedding of the future Mr. and Mrs. Michelle and Ethan Middleton!!! Thank you for giving ECO-Friendly the opportunity to help you in filing your UK Fiancee Visa application. More success on your new adventures in the UK!!!
Manila, Philippines. Did you know that proceeds of the sale of property can be used to comply with the financial requirement for UK Settlement Visa applications?
According to the Home Office, "Funds held as cash savings by the applicant, their partner or both jointly at the date of application can be from the proceeds of the sale of property within the period of 6 months prior to the date of application, provided that the following are present:
1. The property was in the form of a dwelling, other building or land
2. the property (or relevant share of the property) was owned by the applicant, their partner or both jointly at the beginning of the 6-month period prior to the date of application
3. The funds deposited as cash savings are the net proceeds of the sale, once any mortgage or loan secured on the property (or relevant share of the property) has been repaid and once any taxes and professional fees associated with the sale have been paid
4. If the ownership of the property was shared with a third party, only the proceeds of the sale of the share of the property owned by the applicant, their partner or both jointly may be counted
ECO-Friendly explains that although this option is rarely used and an uncommon method of fulfilling the mandatory minimum income, it is just as effective and a truly reliable way of fulfilling the financial requirement.
CASH SAVINGS AS MEANS TO MEET THE FINANCIAL REQUIREMENT
It is a known fact that after the latest drastic increase in the minimum financial requirement for UK Settlement Visas, a considerable number of potential applicants who were planning to join their loved ones and family in the UK were severely affected.
As we all know, from the previous minimum income threshold of £18,600, the minimum annual income requirement has been increased to £29,000 to the detriment of countless would-be applicants and which resulted in their applications being put on hold.
As a result, aspirants of the UK Spouse Visa and UK Fiancée Visa who could not meet these terms were left with no other choice but to wait for their sponsors’ yearly income to increase.
Although this is the sad reality, many applicants seem to have forgotten or are just not aware of other options which can be used to comply with the minimum income threshold.
Applicants for the UK Spouse Visa, UK Fiancée Visa, UK child Dependent Visa or other UK Settlement Visas are typically aware of the “cash savings” option where the sponsor may be allowed to use their savings in the bank in lieu of the £29,000 minimum income requirement.
Under this option, the sponsor has to show proof that he has a savings account with an ending balance of £88,500 deposited in the said account within six (6) months prior to the lodging of the application.
ECO-Friendly would like to stress that under UKVI rules, this amount is required to be deposited in the bank account for a minimum period of six (6) months prior to the filing of the application to ensure that the funds are legitimately owned and under the complete control of the sponsor or applicant or both.
This six (6) months deposit is a very important requisite and none compliance will mean automatic refusal of the application.
UNFAMILIAR AND SELDOM USED OPTION
Another option not commonly employed and rarely utilized by applicants, but nonetheless a very useful and effective way of satisfying the financial requisite for UK Settlement Visa applications is the proceeds of the sale of a property (in the form of a dwelling, other building or land).
Under this UKVI provision, if the sponsor or applicant or both jointly own property, in the form of a dwelling, other building or land, it may be sold and the proceeds may be deposited in the bank account of the British husband/fiancée/partner/sponsor, which may, in turn, be counted towards the financial requirement.
Immediately after the sale of the property and the proceeds is deposited in the bank, this cash savings may instantly be used to comply with the financial requirement without waiting for the six (6) months period to elapse. This is, of course on the premise that the property was sold for £88,500 or more.
One very indispensable condition, though, is that the property subject of the sale must have been owned by the applicant, their sponsor/partner or both jointly within six (6) months before the application is lodged. So instead of the cash being deposited in the bank for a period of six (6) months, mere ownership of the property subject of the sale within the same period may be counted in lieu of the cash savings six (6) months required deposit. Of course the proceeds of the sale must eventually be deposited in the bank for it to be counted towards the financial requirement, but the applicant need not wait for the six (6) months period anymore.
Documentary proof to show the legitimate sale of the property are, of course, required to be presented, but as long as evidence (as listed under the rules) is attached proving that sale is authentic and the proceeds were deposited in the bank, this is sufficient proof that applicant meets the financial requirement.
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For more information on how to comply with the financial requirement in filing for a UK Settlement Visa, please do not hesitate to contact us by clicking the contact box below.
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Michelle with Ethan when he visited her in the Philippines before they got the good news that the application has finally been approved.
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