Equity as part of funds?

Old Sep 28th 2009, 6:41 am
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Default Re: Equity as part of funds?

If anything is unclear about the whole process then it is this. It form states that the funds must be liquid and unencumbered yet doesn't ask if you currently have a mortgage at the time of application. How many people would have the six figure mortgage amount sat in the bank on top of the £13k required for a family of four?
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Old Sep 28th 2009, 7:11 am
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Default Re: Equity as part of funds?

Originally Posted by markbev
If anything is unclear about the whole process then it is this. It form states that the funds must be liquid and unencumbered yet doesn't ask if you currently have a mortgage at the time of application. How many people would have the six figure mortgage amount sat in the bank on top of the £13k required for a family of four?
London have a separate form for this - I think it is called a "statement of net worth" or something. They aren't asking for you to cover the mortgage debt, so I wouldn't worry about that.

EDIT: Here is the form:

http://www.canadainternational.gc.ca..._Statement.pdf


http://britishexpats.com/forum/showthread.php?t=585039

Last edited by bodgerx; Sep 28th 2009 at 7:16 am.
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Old Sep 28th 2009, 7:34 am
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Default Re: Equity as part of funds?

If you have enough cash funds to meet the minimum then what is your worry? That is all you need at visa issuance stage.
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Old Sep 28th 2009, 7:48 am
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Default Re: Equity as part of funds?

Ditto
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Old Sep 28th 2009, 8:01 am
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Default Re: Equity as part of funds?

Originally Posted by bodgerx
London have a separate form for this - I think it is called a "statement of net worth" or something. They aren't asking for you to cover the mortgage debt, so I wouldn't worry about that.

EDIT: Here is the form:

http://www.canadainternational.gc.ca..._Statement.pdf


http://britishexpats.com/forum/showthread.php?t=585039
There is also an immigrant summary form too which duplicates the info on the CIC application forms. CHC state that they may ask you to complete these forms at a later stage but not to complete them unless asked for them......
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Old Sep 28th 2009, 9:08 am
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Default Re: Equity as part of funds?

Thank you all for the advice.

On balance, I will be putting the cash value in bank accounts, as that meets the min value.

I wasn't aware about them being able to check source, but as they are obviously regular transfers, that is not a concern.

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Old Sep 28th 2009, 9:19 am
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Default Re: Equity as part of funds?

Well still seems clear as mud, for me the whole equity issue very much muddies the waters...just take it out and ask people to have liquid assets not tied up in a property and be done with it.

A question on getting cash, if it is not "borrowed" but given as a "gift" from a family member would they chase this up.
In my case if it comes to the crunch my father would lend me the money to show up on the statement I send....then I would transfer this back to him once the visa was issued.

While technically its a loan it would have no commercial costs to me and I would not owe anything outside returning the total sum untouched.

Can I ask if CHC actually check with your bank to verify any statement you send? Can they do this legally and if so would they tell you or do this without consent?....or is the fact that you send the details consent?

The thing is you could easily do what I suggest above if all they do is look at a printout and unless they do a check with the bank before or after how would they ever know?

This is not me being sneaky as I WILL have funds once we sell the house but not before....how many people under 40 have £10-12k just lying around and not in equity....none that I know!
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Old Sep 28th 2009, 10:06 am
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Default Re: Equity as part of funds?

Originally Posted by UserXXXXXX
Well still seems clear as mud, for me the whole equity issue very much muddies the waters...just take it out and ask people to have liquid assets not tied up in a property and be done with it.

A question on getting cash, if it is not "borrowed" but given as a "gift" from a family member would they chase this up.
In my case if it comes to the crunch my father would lend me the money to show up on the statement I send....then I would transfer this back to him once the visa was issued.

While technically its a loan it would have no commercial costs to me and I would not owe anything outside returning the total sum untouched.

Can I ask if CHC actually check with your bank to verify any statement you send? Can they do this legally and if so would they tell you or do this without consent?....or is the fact that you send the details consent?

The thing is you could easily do what I suggest above if all they do is look at a printout and unless they do a check with the bank before or after how would they ever know?

This is not me being sneaky as I WILL have funds once we sell the house but not before....how many people under 40 have £10-12k just lying around and not in equity....none that I know!
I think it is whole lot less complicated than you appear to be making it.

Yes, it cannot be borrowed - the official line is unencumbered - but they are unlikely to have the time and inclination to check that you have borrowed from any source unless you give them cause to suspect. You could in reality play all kinds of tricks like transferring money from one account to another to 'double up' what you have, but ultimately you would be lying and also, if you are going without a job you are putting yourself and family in potential jeopardy.

Have the required, unencumbered money in your account and get back cert's, print outs etc. = job done.
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Old Sep 28th 2009, 10:30 am
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Default Re: Equity as part of funds?

I do actually say that I would NOT move until we sell the house and/or get a job....I am desperate to move but not mad!

I have actually chatted to a friend on another forum that got her PR last month going via the same route as us and she presented only equity to get the PR.
Now they have sold their house they will use a bank statment and letter of sale if they are asked at the boarder.
She did make clear that at no time did she send anything more than a valution and mortage statment to CHC London.....now I know they could ask me for more but until then I will let it tick along....if they do ask for bank statments i will have to sort in the short term with some family help.

Thanks all.
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Old Sep 28th 2009, 10:44 am
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Default Re: Equity as part of funds?

Originally Posted by UserXXXXXX
I do actually say that I would NOT move until we sell the house and/or get a job....I am desperate to move but not mad!

I have actually chatted to a friend on another forum that got her PR last month going via the same route as us and she presented only equity to get the PR.
Now they have sold their house they will use a bank statment and letter of sale if they are asked at the boarder.
She did make clear that at no time did she send anything more than a valution and mortage statment to CHC London.....now I know they could ask me for more but until then I will let it tick along....if they do ask for bank statments i will have to sort in the short term with some family help.

Thanks all.
London CHC is the only mission accepting house equity as proof on document submission. This curio maybe withdrawn at anytime. On landing, said poster may have to provide actual proof rather than house equity as you have explained.

The reason the proof of funds is required is to ensure that you have enough money to support your family while you find a job. If you don't have this money in actual cash you won't have the option of going anyway because if you were asked for it at the point of landing, and didn't have it, you can't land.

The arranged employment route doesn't have this requirement for obvious reasons.
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Old Sep 28th 2009, 11:02 am
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Default Re: Equity as part of funds?

Originally Posted by bodgerx
London CHC is the only mission accepting house equity as proof on document submission. This curio maybe withdrawn at anytime. On landing, said poster may have to provide actual proof rather than house equity as you have explained.

The reason the proof of funds is required is to ensure that you have enough money to support your family while you find a job. If you don't have this money in actual cash you won't have the option of going anyway because if you were asked for it at the point of landing, and didn't have it, you can't land.

The arranged employment route doesn't have this requirement for obvious reasons.
I think you might have mis-read again....she has sold the house and will use the funds now in the bank as proof so all goood for her.
Also as I make clear numerous times I am NOT, repeat NOT going to move without a house sale for funds or a job....or both....kind of going around in circles now!

Final point I will hopefully get PR using equity....once that happens I will sell house or if that's not possible short term sort a job out in Canada(which is possible as I have a few interviews in Toronto in 2 weeks time)
Then and ONLY THEN will we land....the only scupper would be CHC to ask for liquid funds up front but it seems that is not likely(although I do accept a possibility)

Thanks.
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Old Sep 28th 2009, 7:13 pm
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Default Re: Equity as part of funds?

Originally Posted by bodgerx
On landing, said poster may have to provide actual proof rather than house equity as you have explained.
Originally Posted by UserXXXXXX
I think you might have mis-read again....she has sold the house and will use the funds now in the bank as proof so all goood for her.
Also as I make clear numerous times I am NOT, repeat NOT going to move without a house sale for funds or a job....or both....kind of going around in circles now!

Final point I will hopefully get PR using equity....once that happens I will sell house or if that's not possible short term sort a job out in Canada(which is possible as I have a few interviews in Toronto in 2 weeks time)
Then and ONLY THEN will we land....the only scupper would be CHC to ask for liquid funds up front but it seems that is not likely(although I do accept a possibility)

Thanks.
Nope, I heard, that's why I said "as you have explained".

My point about the job was that you said you weren't going without one or the other; I was re-iterating that as far as your circumstances are concerned you won't legally be able do without one or the other anyway.

You should be ok with the equity - many have done it that way on this forum - just be aware that it is London only that does this and it could be taken away at any point as it isn't officially in law.
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Old Sep 28th 2009, 7:59 pm
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Default Re: Equity as part of funds?

Thanks I have evrythign crossed that we get things sorted before anything changes at CHC London......if its in the next few weeks hopefully we will be ok.
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