Property and the Financial Requirement for Spouse/Partner/Fiancée visas (and positive changes from October2013)

By 1st 4Immigration - #1 UK Immigration Experts -

When the New Rules were introduced on 9 July 2012 using the value of property was not allowed at all. Rental income from it - Yes, but not the value of a house or a flat. The only way was to sell a property, put the proceeds in a cash account, wait for 6 months and then apply for a visa using a Savings category to meet the Financial Requirement. 

The same was applicable to the funds held in investments (stocks, bonds, funds etc), however, from April 2013 the 6 months period can be combined of the time the funds were held in investments and the time when the money was transferred to a cash account. 

Finally, a similar change in the Rules is coming on 1 October 2013. Instead of waiting for 6 months after selling a property, it will be possible to sell a property, put the proceeds (after mortgage and fees) on a cash account and apply for a visa right away. As long as the last 6 months period can be made up of the time the property was owned by the applicant/Sponsor and the time the proceeds of a sale were held on a cash savings account. 

Although the amount of savings needed is still very high, it is a positive development, especially for the couples where both partners are returning to the UK after living abroad and are planning to sell their property overseas anyway. 

For an individual advice or to make an application please contact us: info@1st4immigration.com or visit www.1st4immigration.com 

If you are an Immigration Adviser or a Solicitor please visit our immigration Training and CDP website: www.1st4immigration.com/training

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