The requirements that an applicant must meet in order to obtain a spouse visa are set out in Appendix FM of the Immigration Rules. These rules contain a minimum income requirement of at least £29,000, or a cash savings requirement of at least £88,500 (or a combination of both). Transitional provisions continue to apply for those who made an application prior to 11 April 2024.
In this article, we explore how an applicant can rely on the proceeds from the sale of property in order to meet the financial requirement, a method that is increasingly popular for those relocating to the UK.
Financial requirement: relying on proceeds from the sale of property
Many couples are concerned that they may be unable to meet the minimum income requirement if they do not have sufficient income from employment or self-employment to meet the £29,000 threshold. In such a case, meeting the financial requirement through combining income from employment with cash savings can be an option, as can relying on cash savings alone.
When relying on cash savings to meet the financial requirement for a spouse visa, funds will generally need to have been held for six months prior to the application being submitted.
However, where cash savings are a result of a property sale, the good news is that there is no requirement for the savings to have been held for six months. Instead, when relying on funds held in savings from the sale of a property, it must be shown that:
- the property that was sold was in the form of a dwelling, other building or land;
- the property (or relevant share of the property) was owned by the applicant, their partner or both jointly at the beginning of the six month period prior to the date of application;
- 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;
- if the 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.
Where a couple is relocating to the UK, having sold a property overseas in preparation for their move, this can therefore be a useful method to rely on in order to meet the financial requirement for a spouse visa.
Bank/savings account
In addition to providing evidence of ownership as detailed below, the applicant will also need to be able to show that the proceeds from the sale are held in a bank or savings account that meets all the requirements of an account as set out in the Immigration Rules.
The cash savings resulting from the sale of the property may be held in any form of bank or savings account; this can be a current, deposit, or investment account and must be provided by a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating. The account the savings are held in must allow immediate access to the funds.
Documentary evidence regarding the property sale
The Immigration Rules do not specify exactly what evidence must be provided when meeting the financial requirement by way of a property sale as it is understood that local property laws and taxes vary, along with the owner’s circumstances. However, evidence will need to be provided which as a minimum demonstrates:
- that the property was owned by the applicant or their partner at the relevant time (such evidence may include land registry documentation or the overseas equivalent);
- the sale price of the property (this could be contained within a letter from a solicitor or other relevant professional);
- that, where applicable, any mortgage or loan has been repaid (evidence could include a letter from the bank or loan provider); and
- that all relevant taxes and professional fees associated with the sale have been paid (again, this could be included within a letter from a solicitor).
An applicant must provide evidence similar to the examples above which is sufficient to satisfy the Home Office that all requirements are met. In addition to the above, evidence of the cash savings then held must also be provided.
Transitional provisions for those who applied before 11 April 2024
The financial requirement prior to 11 April 2024 was £18,600, and £62,500 if relying on cash savings. The requirement of £18,600 increases where there are also children applying. It increases by £3,800 for the first child and £2,400 for each additional child thereafter, this increase however will now be capped at £29,000.
As of 11 April 2024, the financial requirement increased to £29,000, and £88,500 for cash savings. There is also no longer any further income required when there are children also applying.
If an applicant applied before 11 April 2024, the transitional provisions will apply to them provided they:
- have permission as a partner on the five-year route to settlement, or as a fiance or proposed civil partner at the date of application;
- made their first application as a fiance, proposed civil partner, or as a partner before 11 April 2024 and were granted permission as a fiance, proposed civil partner or as a partner as a result of that application; and
- are applying for permission to stay with the same partner for which they were last granted permission.
All the above requirements must be met in order to benefit from the transitional arrangements in place.
UK spouse visa financial requirements: How our Immigration Solicitors can help
The above is just one of the methods by which an applicant can meet the financial requirements, with all of the options being covered in Appendix FM of the Immigration Rules.
If you require legal advice regarding this or any other aspect of a UK spouse visa application, our immigration specialists are always happy to have an initial discussion, please contact us or complete our enquiry form below.
