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We are planning on selling our property to meet the financial requirements for ILR, but are not sure if we can have everything completed before the deadline of my current visa. Is there an extension for the time period and something else I can do?

What's your immigration history? There's no financial requirement for Set (O) applications but there may be for other ILR routes (others can guide once you confirm your immigration history).

I am on my second 2 1/2 year spousal visa and am ready to apply for Indefinite Leave to Remain once we finish selling our flat. My current visa expires on 6 June and I am not sure we will have the final papers by May.

The extension via FLR(M) under the 5-year route has the same financial requirement as ILR. If you can't meet them, then UKVI will put you under the 10-year partner route and you have to start the ILR qualifying period from scratch under the 10-year route (or apply under long residence, whichever sooner).
Are you aiming for the cash-saving option ?

Thanks for replying. Yes, it'll will be the cash from the sell of our property we will be using for the financial requirement. How would I change to the 10 year route?

For ILR, the required cash savings is less than that for an extension.

An amount based on the cash savings above £16,000 held by the applicant, their
partner, or both jointly or a child dependant relative who is over 18 for at least the 6
months prior to the date of application and under their control can count towards the
financial requirement under Category D.

https://assets.publishing.service.gov.u ... .0-ext.pdf

I think I understand correctly that the sell of our home within the 6 months prior to the application is okay.

This is on page 48 of the fm financial requirements:

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.

I've read something about applying 14 days before the visa application is alright if you can give a good reason. Would the sell of property taking a while be a good enough reason?

You should apply before your visa expiry. Cash saving must be held for at least 6 months in the bank. When does your visa expire?

11A

(d) 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, in the form only of a dwelling, other building or land, which took place within the period of 6 months prior to the date of application, provided that:

• (i) The property (or relevant share of the property) was owned at the beginning of the period of 6 months prior to the date of application and at the date of sale by the applicant, their partner or both jointly.
• (ii) Where 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.
• (iii) 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.
• (iv) The decision-maker is satisfied that the requirements in sub-paragraphs (i)-(iii) are met on the basis of information and documents submitted in support of the application. These may include for example:
  • (1) Registration information or documentation (or a copy of this) from the Land Registry (or overseas equivalent).
  • (2) A letter from a solicitor (or other relevant professional, if the sale takes place overseas) instructed in the sale of the property confirming the sale price and other relevant information.
  • (3) A letter from a lender (a bank or building society) on its headed stationery regarding the repayment of a mortgage or loan secured on the property.
  • (4) Confirmation of payment of taxes or professional fees associated with the sale.
  • (5) Any other relevant evidence that the requirements in subparagraphs (i)-(iii) are met.
• (v) The requirements of this Appendix in respect of the cash savings held at the date of application are met, except that the period of 6 months mentioned in paragraph 11(a) will be reduced by the amount of time which passed between the start of that 6-month period and the deposit of the proceeds of the sale in an account mentioned in paragraph 11(a).