I have an endowment which will pay off a mortgage in a few years but it's in joint names with my ex.He no longer has any claim on the property as I paid him off many years ago.I stupidly thought the endowment would be paid straight to the building society but that's not the case.I don't want to take his name off just make sure it's all paid out to me.The endowment company have said they have to pay out 50/50.Any advice will be really appreciated!
Endowment payout
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Re: Endowment payout
Sorry no one's answered this before! Have you resolved the matter now?
Does the mortgage remain in joint names? If so, I suggest you could write to the mortgage company and request ( under the circumstances that you find yourself ) that they agree to assigning the policy to the mortgage, assuming that it wasn't in the first place. This would mean the policy proceeds go straight to the mortgage company.
Otherwise you will need your ex to agree to assign his policy share to you ( that will need a formal written undertaking ) or worst case scenario get a court to resolve the issue. They will take into account that you have paid the bulk of the premiums etc but this would only be the last resort if he insists on a 50% share.
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