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Meeting Financial Requirements query

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Michael37
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Joined: Tue May 16, 2017 10:25 pm

Meeting Financial Requirements query

Post by Michael37 » Tue May 16, 2017 10:42 pm

Hello.....first post on this forum so I'm likely posting in the wrong place.....just let me know if so.

Our case.

I'm a UK national married (12 years) to a Korean wife with an 8 year old British national daughter.

I'm currently unemployed, but searching for work frantically. My wife entered the UK on a student visa which will run out on 18th Jan 2018.

We can't meet financial requirement by earned income, so we will need to commence the cash savings route very soon. We did buy a home outright for 120,000 last October, anticipating that I would be earning the 18,600 per year by now. Unfortunately not.

So we are considering selling our house, renting, and thereby meeting the financial requirement with ample to spare. After reading section 7:4:10 of Appendix FM 1.7 Financial requirement, I noticed that one can sell 'property' which includes the term 'dwelling' at any point during the 6 month period up to the application. Thereby fulfilling the 62,500 or over requirement at the time of application. Does this mean that we do not need to start the 6 month period with 62,500? If we can prove that the money at the time of application was gained from a property which we sold during the 6 month period?

Am I reading that right?

TIA

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