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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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in 1989 I took out an endowment policy for a mortgage. this

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in 1989 I took out an endowment policy for a mortgage. this policy was in joint name with my then wife. in 2003 we divorced (after 5 years living apart) and as part of the divorce agreement my ex-wife received the net proceeds of sale of the matrimonial home and undertaking to assign to myself her interest in the endowment policy.

The policy matures on the 1st July and when I contacted the Prudential, they still have the policy in joint names and will not pay out because they have not received a deed of assignment.

I have tried to contact the original solicitors (WF Smith & co, Dereham Norfolk), but they are no longer in business, and I have no idea where my ex-wife is.

Is there anything I can do before the 1st of July before the bank comes knocking on my door wanting the mortgage repaid? I have a copy of the solicitors letter containing the proposed consent order finalizing the financial aspects of the divorce and the decree absolute.
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,

I am sorry but this is a common problem and insurance companies usually insist that a formal deed of assignment is executed to transfer the policy into a sole person's name where it is a joint policy.

I know many insurance companies refusing to act on the strength of court orders saying it is not their business to enforce the court order, as a formal deed of assignment should have been signed by your ex wife.

I would suggest that you try to trace her and get her to sign the deed of assignment which Prudential can mail to you, they may separately try and verify with your ex wife that she knows what she is doing.

Or you will need to convince Prudential to release the funds to you on the strength of the court order

Or you will need to get a new court order directing Prudential to release the funds to you.

Can I help further?
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
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