Pru deed of assignment question

whirlybat

As part of a divorce settlement I was awarded sole right to our endowment policy. I contacted Prudential a couple of weeks ago and explained the situation and they said I'd need a solicitors letter to that effect before the policy could be changed to my name only.

Spoke to my solicitor tonight and she said they will have a standard proforma for this and doesn't understand why they would ask for a solicitors letter adding that unless this was some obscure lender, having a solicitor draft a deed of assignment was a thing of the past and was something she hadn't had to do in the last 10 years.

I was quite happy about this because I figured it would keep costs down connected with the divorce.

Better informed of what to ask for I called the Prudential a moment ago only for them to insist they have no such form and I'd need my solicitor to draft a letter.

Confused, who is right?

dunstonh

A lot of providers will use a solicitor default deed of assignment nowadays. Solicitors dont really draft them. They have a template that takes them about 30 seconds to adjust. So, its often quicker and easier for a solicitor who would be expected to check the work is done to use their own one.

Some providers dont even have their own "deed of assignment" nowadays. You can ask Pru as that is the form you are asking for or you can download this one: http://www.pruadviser.co.uk/new_pdf_folder/GENS6752.PDF

whirlybat

Thanks for the response dunstonh!

I did find this form earlier via Google but thought it to be the wrong one as it would appear to be for single people transferring to joint ownership. In my case we'd be joint owners transferring to single owner.

Apologies, I'm not much good at all this!

Thrugelmir

The fact that the solicitor has drafted the document reduces the risk of fraud. In the eyes of the insurance company.

Smmary101

18 months after this post and I have spent a frustrating day of phone calls trying to sort the same thing!
Come on Prudential!!! Sort yourselves out!

dunstonh

Smmary101 wrote: »

18 months after this post and I have spent a frustrating day of phone calls trying to sort the same thing!
Come on Prudential!!! Sort yourselves out!

In most cases, it is not the insurer that needs sorting out but the lender. The lender has to follow the assignment until the bank/building society writes to the insurer stating that they no longer have any interest in the policy.

If you have an adviser, this is the sort of thing they can resolve relatively quickly.