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Surrender / sale of endowment
jesslinka
Posts: 2 Newbie
Is it usual for buyer to request original policy before sale is completed?
What assurances are in place to prevent policy dissapearing and no money being received by seller? even if a contract has been signed by both parties.
Would it be better to have a solicitor acting as intermediary to recieve sale proceeds and then hand over policy.
Thoughts or experience would be greatley appreciated.
Many thanks.
What assurances are in place to prevent policy dissapearing and no money being received by seller? even if a contract has been signed by both parties.
Would it be better to have a solicitor acting as intermediary to recieve sale proceeds and then hand over policy.
Thoughts or experience would be greatley appreciated.
Many thanks.
0
Comments
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Yes.Is it usual for buyer to request original policy before sale is completed?
What assurances are in place to prevent policy dissapearing and no money being received by seller? even if a contract has been signed by both parties.
Indemnities exist to cover the rare chance of that taking place. Plus there is an audit trail so money cannot go missing. Policy documents do not hold the same significance that they used to.Would it be better to have a solicitor acting as intermediary to recieve sale proceeds and then hand over policy.
If you are willing to pay all the charges involved in doing that you would probably wipe out the extra amount. Given the large numbers of these transactions that take place with no problem, I doubt it is necessary.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Many thanks for reply.
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