princess caribou

Just wondering if the equity in our property can count towards proof of funds? It states on the application form that funds should be unencumbered and transferable so I'm guessing not - please correct me if I'm wrong!
Thanks in advance.

PMM

Hi

Not. London was accepting property valuations at the initial stage, but applications were taking 4/5 years to process. But you had to show unencumbered funds before a COPR was issued and at Landing. But now with applications taking less than a year, I think that London will get away from that.

J0n35y

So for those who are relying quite heavily on the sale of UK homes we should just put on the form whatever tiny savings we have managed to scrape together? I'm hoping to fill the forms in this weekend so this will be good to know.

Bali2010

As long as you have the minimum required, then it wouldn't matter.
n.b. for me, the exchange rate has reduced my savings a fair bit in a few months

J0n35y

Ok, Ive read through the numerous threads on this and no one is quite agreed on things.

My situation is that at the time of filling the initial forms I dont have much savings at all but I do have a considerable chunk in equity via the house. But, assuming everything goes to plan, by the time we move in 24 months + we will have saved up a reasonable amount, sold some guff to raise funds and will not be moving until the house is sold in any case.

My understanding so far:

1. You can include your home equity in the initial application to NS.
2. London will ask for proof of funds as part of the 120 day notice but there is some doubt over whether equity can count or not. Arguably safer to assume it can not be included but you arent really proving the figure you included on the initial application more proving you have funds to survive without a job (ie. this figure can and most likely will change from the application you sent to NS).
3. You may be asked to provide proof of funds on landing. Which wouldnt be a problem as the house will be sold before I move.

So point 2 is where the confusion is happening - belive me I have read through the threads! I am fortunate in that my parents are wealthy enough to provide enough money in my bank for a long enough time to create a "history" in statements but Id rather leave them be and try to sort this myself. Im getting ahead of myself in that I may not even get a 120 day letter! But assuming I do would I be able to chance the equity route where it seems that it depends on the officer you get to process your application? If I didnt slip through would they ask for further proof of funds or would the application fall to pieces at that point? Im keen to get the forms prepared this weekend to hopefully beat the change to the FSW list and obviously I will have some length of time before I need to worry about London but good to know these things.

I dont have a job offer at time of application and I wont by the time London get in touch so I suppose that as it is London at the 120 letter point I have to prove my funds to it wouldnt matter if I got lucky and secured a job in the run up to moving over?

Any clarification (if it is possible with this!) would be great

Thank

princess caribou

Tell me about it - I dread to think about what will happen to the value of the pound if we have a hung parliament.... It wasn't too long ago that we were getting just over $2 to the pound and now it's more like $1.50 which when you're talking the kind of savings needed to satisfy CIC it works out at a big loss
Oh well despite this, here's hoping all of our immigration dreams will be coming true soon.

rubberduckofdeath

So, to clear up my confusion on the matter... Are property valuations acceptable at the 120 day stage?

rohmanns

hi,
we used our equity in the house as proof of funds in our application.
we have recently got our pr,but will need to have the equity as cash when it comes to landing.

J0n35y

After reading the CIC guidelines...

Indicate the amount (in Canadian dollars) of unencumbered, transferable and available funds that you have. This amount can include the value of any property that you own, but should not include jewellery, cars or other personal assets.

...I think I will put the value of equity of my property down on the application (which Im working on today!). The London guidelines omit the last sentence of the above which I think has caused some of the issues. Fingers crossed things work out.

joinerboy

I made the decision not bother using 'property equity' when i applied as i believed this saved me having to provide property valuations etc should CHC have requested this extra info. You only need to provide proof you have the minimum unencumbered funds via FSWcat1 so if you have this available i wouldn't include any property equity. But if you need to rely on equity i suppose as long as you are sure you can liquidate the cash funds for your landing ( landing needs to be 12months of your meds ) then go for it.

From the Visa specific instructions for London, Appendix A.
Minimum Funds Required FSW
Jan 1st - Dec 31st

Family members. Funds
1. $11,086
2. $13,801
3. $16,967
4. $20,599
5, $23,364
6. $26,350
7 or more. $29,337

Funds must be :
1. Available & transferable
2. Unencumbered by debts or other
Obligations.
SETTLEMENT FUNDS
Refer to the "Proof of Funds" section of our Web site for exact figures and instructions.
Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada (for you and your family members):
•current bank certification letter; or
•evidence of savings balance; or
•fixed or time deposit statements.

karenD

I'm agreeing with Joinerboy. My situation is a little different as I'm british but applying from Australia, but I emailed the local Canadian processing office in NSW and they told me explicitly it had to be unencumbered by the 120 day email stage. Which seriously sucks.

J0n35y

Fair enough. But the CIC website does state that property can be included with your unencumbered funds total. Joinerboys point about funds at landing however, is still valid.

Wags18uk

Ditto above.

for your application

Cheers

JET747

If you have equity in the property why don't you take another mortgage against it to release them--you are going to be selling anyway ????


JET

christmasoompa

London certainly do allow equity in property for the initital stages (they are the only visa office that do). You'll need to provide a mortgage statement plus at least two estate agents valuations to prove the equity, but it must be cash when you land.

Hope that helps.