Can any1 answer this please? Extending under Tier1 4m HSMP

[pr4t4p]

I just need to confirm these 2 points,
1) Can I work if apply for Tier 1 ( currently under hsmp) and my visa expires while the application is being processed?
2) If my Tier 1 gets refused I have heard they give a grace period of 42 or 60 days something for your employer to file a work permit because I got my initial approval before nov'06 if am not wrong, in that scenario will I be able to work on my grace period while my employer is filing my work permit under transitional arrangement ( if at that point I have covered 12 months)or normally

[pr4t4p]

Can some1 please post any suggestions to my query, thanks