Assignment of Life Policy to Mortgage Lender - help
Options
wendb69
Posts: 272 Forumite
I am posting this for a friend.
Her husband has died and back in 1994 they assigned a Life Policy with SW to Nat West in the event of death to cover any outstanding mortgage.
The mortgage was paid off years ago, and the husband has now died, but SW will not pay out the policy until Nat West have confirmed that they no longer have a claim on the policy. HOWEVER the department that said they had a claim are no longer in existence and NATWEST do NOT hold any information on the assignment. So my friend is running round in circles.
SW wont pay out until NATWEST have confirmed
NATWEST cant confirm as they no longer have the securities department and do not hold the records from back then.
Any ideas please?
Her husband has died and back in 1994 they assigned a Life Policy with SW to Nat West in the event of death to cover any outstanding mortgage.
The mortgage was paid off years ago, and the husband has now died, but SW will not pay out the policy until Nat West have confirmed that they no longer have a claim on the policy. HOWEVER the department that said they had a claim are no longer in existence and NATWEST do NOT hold any information on the assignment. So my friend is running round in circles.
SW wont pay out until NATWEST have confirmed
NATWEST cant confirm as they no longer have the securities department and do not hold the records from back then.
Any ideas please?
Regards
[B[/B]
[B[/B]
0
Comments
-
All it takes it Natwest to say they have no interest in the policy. This is routine stuff and your friend needs to get Natwest to confirm it.
if Natwest are saying they wont do it then its likely that its because the staff member lacks of the knowledge (they dont train staff like they used to). In that case, she should complain to Natwest. After all, it was Natwest that asked for the assignment in the first place.
To be clear, all SW need is confirmation from Natwest that they have no interest in the policy. A sentence or two on headed paper.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 -
Does the solicitor who handled the mortgage redemption have any records? They would be expected to handle the removal of the charge over the property and the removal of the assignment.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
All it takes it Natwest to say they have no interest in the policy. This is routine stuff and your friend needs to get Natwest to confirm it.
if Natwest are saying they wont do it then its likely that its because the staff member lacks of the knowledge (they dont train staff like they used to). In that case, she should complain to Natwest. After all, it was Natwest that asked for the assignment in the first place.
To be clear, all SW need is confirmation from Natwest that they have no interest in the policy. A sentence or two on headed paper.
Unfortunately Nat West seem to be sending us round the houses, as there is no longer a department that says that they deal with this...Regards
[B[/B]0 -
kingstreet wrote: »Does the solicitor who handled the mortgage redemption have any records? They would be expected to handle the removal of the charge over the property and the removal of the assignment.
The mortgage reached its term and simply was paid off. There was no final input from a solicitor?Regards
[B[/B]0 -
Write a letter to Natwest Mortgages:
"Dear Mr Natwest
Please confiirm that the mortgage on 999 Letsbe Avenue, Newtown, NE1 PLS (account number 987654321) has been paid off in full, and Natwest has no interest in the life policy 12345678 issued by FM Life Ltd"
Yours Sincerely
Mrs Person"
When dealing with simpletons, keep it simple.
If they come back with "No record", then the reply is - If we don't have a mortgage, please confirm that you don't have an interest in the life policy"
PochiSoldi0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards