Savings Route - Cash After Property Sale - Query

Old Jul 23rd 2017, 3:12 am
  #1  
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Arrow Savings Route - Cash After Property Sale - Query

Hi everyone

My British husband, British child and I will move to the UK. We want to use the savings route to meet the financial requirements.

So here comes my question...

We currently have a mortgaged home in China, and have been living in this property for more than 5 years together. The value of the property is around £63,000, but however we've only paid in half of that amount and we'd only get the other half back in cash after a sale. However, if we used £35,000 cash gift/savings (not held for 6 months) to clear the mortgage once and for all today, enabling us to receive over £63,000 cash in total after taxes etc. Can we apply for the settlement visa straight away without waiting for 6 months? Or does it only apply to properties that are fully-mortgaged 6 months prior to application, or to the amount paid into the property is over £62,500 6 months prior to application?

Thank you!

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Old Jul 24th 2017, 7:22 am
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Default Re: Savings Route - Cash After Property Sale - Query

AFAIK, 'savings' from sale of a house is not subject to the 6-month rule. You just need to have paperwork showing that the money is proceeds of the sale.

I would NOT provide more info than is required, such as when/how you paid off the mortgage. If they don't ask for something, don't confuse the issue.
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Old Jul 24th 2017, 9:36 am
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Default Re: Savings Route - Cash After Property Sale - Query

Originally Posted by lemon85
Hi everyone

My British husband, British child and I will move to the UK. We want to use the savings route to meet the financial requirements.

So here comes my question...

We currently have a mortgaged home in China, and have been living in this property for more than 5 years together. The value of the property is around £63,000, but however we've only paid in half of that amount and we'd only get the other half back in cash after a sale. However, if we used £35,000 cash gift/savings (not held for 6 months) to clear the mortgage once and for all today, enabling us to receive over £63,000 cash in total after taxes etc. Can we apply for the settlement visa straight away without waiting for 6 months? Or does it only apply to properties that are fully-mortgaged 6 months prior to application, or to the amount paid into the property is over £62,500 6 months prior to application?

Thank you!

you need to also show you have owned the property for ( I think) over six months at least.. so show date proof of purchase five years ago...etc.
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Old Jul 24th 2017, 1:14 pm
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Default Re: Savings Route - Cash After Property Sale - Query

We only showed the proof of income from the sale, and used the settlement docs (house was in the US) provided at closing, and the corresponding deposit into our back account. There was no query re: how long we had owed the house.

I've not read anything that stipulates a minimum time period for ownership; AFAIK, the property has to have been your home/primary residence.
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Old Jul 24th 2017, 3:44 pm
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Default Re: Savings Route - Cash After Property Sale - Query

Originally Posted by Vadio
We only showed the proof of income from the sale, and used the settlement docs (house was in the US) provided at closing, and the corresponding deposit into our back account. There was no query re: how long we had owed the house.

I've not read anything that stipulates a minimum time period for ownership; AFAIK, the property has to have been your home/primary residence.
I found where I read this about the ownership having to be six months minimum. A recent thread and post 3 by britinparis

http://britishexpats.com/forum/citiz...-route-899814/
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