Joint Account -Interesting Situation

[sqahar]

Question:
What's the view on joint accounts? I have transfered investment amount of 200GBP from my joint account with my wife to her personal account, as she is the main applicant. I have given my wife a declaration letter that she can use my funds from the joint account. Does it not make a genuine source of third party funding? or joint accounts cannot be used as third party funding? Keep in mind that the amount is in her account now, not in the joint account but the source of transfer is the joint account.

Background:
My wife as primary applicant. We have had out bit of challenges and lawyer negligence stories, however, we finally reached the point where we had everything pretty much ready, or so we thought.

Complications:
Maintenance fund was transferred by me to my wife's personal account on 12th Feb, it completed 90 days on 12th May 2017. Covered.

Main investment fund of 200K was in my personal account. I transferred the amount to the joint account of my wife and I on instructions of the lawyer. Lawyers said we need a letter from bank saying XYZ. My bank refused the letter.

Lawyer told us a certain bank gives the letter. My wife's maintenance fund account was in the same bank.
I transferred the amount to my wife's account. This bank also refused the letter until we opened a new account. We opened a new account and got the letter. Now everything is ready for online submission.

Now we are told that we have to show the full money trail. i have all the statements of 4 accounts where the transactions have taken place, however, the second account if my joint account with my wife. The lawyer is now saying that joint account cannot be used as third party funding source.

they are telling us to reverse all the transactions, put all the money back to my first personal account and then from there transfer the money directly to the new account in my wife's bank and get the letter again.

Risk
Other than being a big hassle, we are carrying a risk of exchange rate on both maintenance fund and main amount. when i put the amount on 12th Feb, exchange rate was 10% lower and now its on the border of being higher than my fund in local currency. GBP is going up and a few more days can take it above the threshold which will take me back by 90 days.

[zimba]

It seems you are being heavily misled by your lawyer regrading the Tier 1E rules.
Have you ever read the official Tier 1E visa guide ???
https://www.gov.uk/government/publicati ... trepreneur

You can use the money in a joint account with your spouse and you do NOT need any third party letter or any bank letter. What the hell the lawyer is talking about ?!

[sqahar]

I was also under the impression but they have been messing with my mind. Now money has changed so many hands that its difficult to keep track and now its not in the joint account either.

What is the best way forward?

[zimba]

As your wife is the main applicant, she can keep the money for 90 days in either her account or the joint account with you. That is it