1) Assignment - The transfer of legal ownership from the Seller to the Buyer. The Deed of Assignment is the document signed by the Seller to effect the transfer of ownership in the policy but it is only on the Assignment Date that the Assignment takes place.

2) Assignment Date - the date on which legal ownership of the policy is transferred to the Buyer.  The Assignment Date may be on or after the Completion Date and occurs when the Solicitors handling the transfer of ownership have completed all necessary validation procedures on the policy, the Seller and the Buyer and are in receipt of cleared funds for the full purchase price and legal fees.

3) Buyer - is the party (individual, partnership, trustees or corporate investor)who has completed a Buyers Contract Note agreeing to buy the policy at the Buyers Price.

4) Buyers Contract Date - is the date when an offer to purchase a policy is made by the completion of a Buyers Contract Note.

5) Buyers Contract Note - is the contract note setting out the details of the policy, the Purchase Price and the Completion Date.

6) Buyers Price - the Buyers Price is the total amount payable by the Buyer (with the exception of on-going premiums) to purchase the policy.

7) Company - UK Endowments Limited are the owners and operators of the Internet Trading Platform.

8) Completion Date - The Completion Date is 28 days after the Buyers Contract Date and is detailed on the Buyers Contract Note.  It is the date on which the balance of the Purchase price must be received in cleared funds by the Solicitors.

9) Internet Trading Platform - The website known as UKEndowments.com operated by the Company and all or any of the web pages, modules and facilities constituting it.

10) Life Assured/Lives Assured - the life/lives assured are the individual/s on whom the life assurance element of the policy is written. The life/lives assured may or may not be the policy owners

11) Policy List - the Policy List is a list of all policies for sale at any given time at the Buyers Price. Intermediaries and Buyers can purchase policies from the Policy List in the knowledge that the Seller is obliged to sell during the Sale Period.

12) Sale End Date - is the time when a Sellers policy is removed from the Policy List either because the policy has Sold or if the policy fails to sell during the Sale Period.

13) Sale Period - is the length of time a policy is available for sale on the Internet Trading Platform. The Sale Period is normally 21 days or less if a Buyer is found.

14) Sale/Sold - the Sale of a policy occurs and the policy is Sold at the point when a bid at or above the Maximum Reserve Price has been achieved by the Auction End Date, or when the Seller accepts a lower bid within 48 hours of the Auction End Date, or at anytime when a policy is purchased from the Fixed Price List.

15) Sale Start Date - is the time and date that the policy is entered onto the Policy List. This will occur after the Seller has signed and returned the Sellers Contract Note together with initial documentation to the Company enabling them to confirm that the basic policy details are correct.

16) Seller -is the current owner or owners of the policy (who may or may not be the life/lives assured) and whose policy has achieved a bid equal to or in excess of the Maximum Reserve Price (or who has accepted an offer above the Auction Entry Level but below the Maximum Reserve Price) and who is contracted to sell the policy to the Buyer.

17) Sellers Contract Note - sets out the policy details and Sellers Price. The Sellers Contract Note needs to be signed by the Seller (all policy owners) and forwarded (together with other initial documentation –see stage 1 Policy Sales Checklist) to the Company. On receipt the Company will check the policy details and if they appear to be in order the policy will be entered onto the Policy List. The Sellers Contract Note confirms the Sellers agreement to enter the policy onto the Policy List and commits the Seller to sell the policy if a Buyer is found during the Sale Period.

18) Sellers Price - is the price that the Company calculates the Seller will receive for the Sale of the policy and by completing a Sellers Contract Note the Seller agrees to sell the policy at the Sellers Price during the Sale Period.

19) Solicitors
- The Solicitors are Lopian Wagner Solicitors, Maybrook House, 40 Blackfriars Street, Manchester, M3 2EG.  Lopian Wagner is one of the most experienced, longest serving law firms specialising in the conveyancing of Traded Endowment Policies.  They provide a service for the Auctioneers but do not specifically act for either the Buyer or the Seller but this does not prevent either the Seller or the Buyer at their own cost in addition instructing their own Solicitors. They will however validate the policy details, obtain documentation to comply with the Money Laundering Regulations from both parties, and arrange the transfer and registration of ownership in the policy to the Buyer and settlement of monies to the Seller.

1) All policies will be entered onto the Policy List for a period of 21 days exactly (to the minute), from the Sale Start Date.

2) All policies entered onto the Policy List will have a Sellers Price and the Sellers will be legally obliged to sell the policy if a Buyer contracts to buy the policy at the Buying Price before the Sale End Date.

3) At the close of the initial Sale Period if a policy is unsold the Seller will be given the option of placing the policy in the Sale for a further Sale Period.

4) If the policy fails to sell by the end of the second Sale Period it will be withdrawn from the Policy List. Only in exceptional circumstances at the Company’s discretion will a policy be allowed to be re-entered onto the Policy List for a further period.

5) Once a policy is sold the Seller is legally committed to proceed with the sale. If the Seller does not honour this obligation for any reason then the Company reserves the right to charge the Seller a withdrawal penalty equivalent to the commission that would have been made should the sale have proceeded in addition to any claim by the Buyer.

6) Once a policy is sold the Seller shall provide within 2 working days of the sale via Royal Mail Special Delivery Post (or courier service) at their own expense all documents relating to the sold policy (see Policy Sales checklist Stage Two) to our recommended specialist Solicitors – Lopian Wagner Solicitors, Maybrook House, 40 Blackfriars Street, Manchester, M3 2EG. The Seller shall provide any further necessary documentation subsequently requested by the Solicitors as soon as possible. Any costs involved in providing the necessary documentation, such as obtaining a replacement policy document should the original have been lost, shall be the responsibility of the Seller. However the Solicitor’s charges in respect of the legal transfer of ownership and obtaining guaranteed title for the Buyer will be borne by the Company.

7) Whilst every effort is taken by the Company to ensure that policies entered onto the Policy List are described correctly, errors, omissions or mis-statements will sometimes happen. The Solicitors will use all reasonable endeavours to find any such errors, omissions or mis-statements during the validation process. Any such errors, omissions or mis-statements will not necessarily impair the sale provided that the Seller and Buyer agree to an amended price determined impartially by the Company. However, should the Seller and Buyer not agree to an amended sale price, the sale will be cancelled and the deposit returned to the Buyer without interest. In this event the policy may, at the Company’s discretion be placed back onto the Policy List at an amended price agreed with the Seller. Should the policy ultimately fail to sell, the Solicitors will return all relevant documentation to the Seller.

8) All policies are sold on the basis that the Seller remains liable for all premiums falling due on or before the Completion Date whether the policy has actually been Assigned to the Buyer or not. All subsequent premiums are the Buyer’s responsibility.

9) Lopian Wagner Solicitors will make every effort to ensure that the Assignment takes place on the Completion Date, however delays can sometimes occur for reasons that are out of their control. If delays occur because of the Sellers tardiness or inability to provide the necessary documentation to complete the sale then the sale may have to be cancelled and the Buyer may be entitled to be compensated by the Seller for any loss incurred.

10) Should a Life Assured die before the Assignment Date, the sale shall be cancelled and the Seller or their representatives will be able to pursue the death claim with the Life Office. In these circumstances the Buyer will have his deposit refunded by the Solicitors and the Seller shall be responsible for any Solicitors charges incurred up to a maximum of £140 (inclusive of VAT). The Buyer shall not be entitled to any Compensation.

11) The Seller acknowledges that on the Assignment Date the Buyer is fully entitled to any benefits provided by the policy. The Life Assurance cover remains on the original Life/Lives Assured and should the original Life/Lives Assured die any claim value arising would be paid to the Buyer. The Seller may wish to consider effecting alternative life assurance protection before the Assignment Date.

12) The Seller acknowledges that the Company disclaims all liability for the accuracy of the particulars of each policy and the Seller shall have no claim against them or their associated companies in respect of any details and statements made.

13) If the Assignment Date is delayed because of some act or omission by the Seller the Buyer may at any time after the Completion Date make the time for completion of the essence by serving notice on the Seller and requiring completion within 7 days of the notice. If the Seller does not complete on expiry of such notice then in addition to any other rights the Buyer may rescind the agreement, require the immediate return of the deposit monies and take appropriate action against the Seller for any loss incurred.

14) The Seller and the Buyer acknowledge that on occasions delays can occur for reasons outside their control.

B) Buying

1) All policies on the Policy List have a Buying Price and the Sellers are obliged to sell the policy if a Buyer completes a Buyers Contract Note during the Sale Period.

2) The Buyer shall be the first person to complete a Buyers Contract Note during the Sale Period.

3) The Buyer is required to pay a deposit of 10% of the agreed purchase price and send this together with the signed contract notes to Lopian Wagner Solicitors, Maybrook House, 40 Blackfriars Street, Manchester, M3 2EG within two working days of their successful offer. The Buyer will also have to supply whatever documentation is required by the Solicitors to comply with the UK Anti-Money Laundering Regulations (satisfactory proof of identity and residence) (see Money Laundering Form). The balance of the purchase price will be due in cleared funds on or before the Completion Date (28 days after the Buyers Contract Date as detailed on the Buyers Contract Note).

4) In the event that the completion of the purchase is delayed for any reason caused by the Buyer's act or omission (e.g. late payment of the balance of purchase price or non-compliance with the documentation for UK Anti-Money Laundering Rules) the Buyer will be liable to pay interest to the Seller at the rate of 10% p.a. until the Assignment Date.

5) The Company will be responsible for the legal fees in respect of the conveyance of the policy. Lopian Wagner Solicitors will validate all policy details and provide a guarantee of full title to the Buyer. The Buyer will be entitled to all benefits from the policy from Assignment Date.

6) All premiums payable on policies after the Completion Date are the Buyers responsibility and any premiums paid by the Seller after this date are to be repaid to the Seller by the Buyer.

7) The Solicitors will check the validity of the policy during the policy assignment process and, if it transpires that the policy details are inaccurate the Buyer will be advised and will be entitled to cancel the sale and receive a refund of the deposit paid without interest, but no further compensation. However if the Buyer wishes to proceed with the purchase and can agree an amended price with the Seller as determined impartially by the Company based on the correct policy details then the Sale will continue at the amended purchase price.

8) The Seller may at any time after the Completion Date make the time for completion of the essence by serving notice on the Buyer and requiring completion within 7 days of the notice. If the Buyer does not complete at the expiry of such notice then in addition to the provisions of clause B4 (interest) and clause B9 the seller may rescind the contract.

9) If the Buyer neglects or fails to comply with any of the conditions contained herein the deposit money paid shall be forfeited and the Sellers shall have the right to re-sell the policy either by public or private sale, and any deficiency arising from such sale together with all charges associated with sale shall be made good by the defaulters and be recoverable as liquidated damages.

10) The Seller and the Buyer acknowledge that on occasions delays can occur for reasons outside their control.

11) The Buyer acknowledges that the Company disclaims all liability for the accuracy of the particulars of each policy and the Buyer shall have no claim against them or their associated companies in respect of any details and statements made.

12) Potential Buyers acknowledge that the policies available on the Policy List are constantly changing and offers to buy from the list are dealt with on a strict chronological basis. The Company will confirm whether or not an offer is successful.

In these Terms and Conditions the masculine gender shall include the feminine and the singular shall include the plural and vice versa. We reserve the right to amend these Terms at any time.