Assignment of endowment policies following remortgage

Rawhide_2

Have recently remortgaged with CBS, previous lender was HSBC.

The solicitor handling the legal paperwork (paid by CBS) has sent me the original endowment policies recommending that I send a letter to the insurance companies involved giving notice of the release from deposit, mortgage or assignment.

Alternatively the solicitor has offered to perform this on my behalf for a not inconsiderable sum. Not very MSE - so I wont be taking them up then.

So my question, is there a standard template letter to use or should I phone the insurance companies - Friends Provident, Scottish Life, Sun Alliance, to enquire on process. The paperwork supplied to me stops many years ago, i.e doenst contain details of each new lender during several re-mortgages nor is there any mention of HSBC being the most recent assignee

The policies have 4-5 years to run and are required to pay off interest only part of mortgage.

Many thanks

silvercar

Interesting as when ours were released, years ago, no-one suggested writing to the companies to inform them. The lender that originally held them no longer trades so it will be interesting when they mature!

I guess HSBC have released them but Coventry don't need them assigned.

If you want to write, I would just say:

Dear life company,

policy number XXX

Please note the the above policy has been released back to me by my mortgage lender and is no longer assigned. I am now in possession of the original policy document.

Don't think there is a standard form and they will know what you mean.

Whether they require more, I don't know, as anyone could write that letter.

dreamylittledream

Most life companies will require confirmation from the lender that is noted as the asignee that they no longer have an interest in the policy.

Suggest you write to HSBC to obtain this first and then notify the life companies.

Rawhide_2

dreamylittledream wrote: »

Most life companies will require confirmation from the lender that is noted as the asignee that they no longer have an interest in the policy.

Suggest you write to HSBC to obtain this first and then notify the life companies.

Result. Phoned HSBC today, they have already informed CBS directly. Just as well I didnt decide to pay the money for it to be done again

EdInvestor

Rawhide wrote: »

Result. Phoned HSBC today, they have already informed CBS directly. Just as well I didnt decide to pay the money for it to be done again

It would do no harm to drop a line to the lifecos to confirm that as far as they are concerned the policies are now unassigned. Otherwise you will end up with hassle when they mature if the change has not been properly recorded.

silvercar

EdInvestor wrote: »

It would do no harm to drop a line to the lifecos to confirm that as far as they are concerned the policies are now unassigned. Otherwise you will end up with hassle when they mature if the change has not been properly recorded.

If my policies are still assigned to BankAmerica (now defunct) how would I rescue them?

EdInvestor

silvercar wrote: »

If my policies are still assigned to BankAmerica (now defunct) how would I rescue them?

I assume you don't mean Bank of America (not defunct AFAIK)?

Step one would be to check with the lifeco that they are still assigned and if so, to whom ( was this defunct bank perhaps taken over?) Then contact the assignee.

silvercar

EdInvestor wrote: »

I assume you don't mean Bank of America (not defunct AFAIK)?

Step one would be to check with the lifeco that they are still assigned and if so, to whom ( was this defunct bank perhaps taken over?) Then contact the assignee.

Don't mean Bank of America. Our mortgage was with BankAmerica but back in 1986 (ish) the mortgage book was taken over by Bank of Ireland.

Rawhide_2

EdInvestor wrote: »

It would do no harm to drop a line to the lifecos to confirm that as far as they are concerned the policies are now unassigned. Otherwise you will end up with hassle when they mature if the change has not been properly recorded.

Have now spoken to CBS and the life companies, they all told me the same thing - policies are no longer assigned to the lender - this was something that used to happen in the late 80's and no longer applies.