This document is for Guidance only
Each stage highlighted below applies to each policy sale
Detailed below is the purchase process and associated average timescales that apply to each policy sale
Please be aware these are average timescales, provided to aid your understanding of the process involved in selling an endowment, but that these timescales cannot be guaranteed.
Checking Policy Details
We receive the signed contract and on the same day we send your policy information to the buyers solicitors to request confirmation of the full policy details from the life office. This process can take between a few days to many weeks, depending on the life office. For example; Friends Provident, Standard Life, Legal & General are the quickest. Royal & Sun Alliance, Sun Life and Co-Operative Insurance Services can take considerably longer.
Average time scales 3/4 weeks.
Confirming Policy Details with the Buyer
Once the solicitors receive the policy details from the Life Office and confirm them against those originally provided, the policy information is then given to the buyer who will verify the offer. Average time scale 3 days.
Collation of Policy Documents
Once the policy details are confirmed, the solicitors will inform you of this. At this time they will request any documents that are outstanding; such as; letters of no further interest, original policy documents, any outstanding anti-money laundering, ID etc. Once all requirements have been received, the solicitors will forward a Deed of Assignment to be signed by the policy holder(s). Average timescales to obtain and collate all documents
3/4 weeks.
The buyer's Solicitors are then required to give 'clear title' to the policy. This means that they check the file and make sure they have all the correct information and documents to sell the policy to the buyer. Average time scale
1 week.
Payment
Once the policy has been given clear title by the buyer's solicitors, the policy is ready to be sold. The buyer will now issue the funds for the policy via one of the following options: Cheque (free), Telegraphic Transfer (£30 is deducted from your offer but funds are available on the day of release to the seller) or BACs (free - this takes three days to clear through the banks). It is the decision of the seller as to how the funds will be issued to them. A Payee Details form will be sent to the seller from the buyer's solicitors to complete.
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