Shares question

Caped_Avenger

I'd like to start by saying that i know very little about shares and sharedealing, so if i'm talking rubbish at any point, please do correct me, and my apologies in advance for sounding like a complete dunce.

I've had a hunt around on the net for the answer to this, but can't find anything (cue link to an identical article elsewhere on this forum :rolleyes: ).

My Great-Aunt died just over a year ago, and had some shares in Centrica (about 150, i believe), which somehow slipped through the net when we were tidying up her estate.

My Mother phoned up Lloyds TSB (who apparently 'administer' Centrica's shares???) today, who advised her that to transfer the shares into someone else's name (either my Grandmother, Mother or me), there would be an administration fee of £62.50. The rep who my Mother was talking to on the phone admitted that this was a lot of money, but that was the fee, take it or leave it. On the basis that these shares at current market value are worth in excess of £350, it makes sense to do.

My questions are: Is this a reasonable/standard sort of fee for this kind of service? Also, if it's not, is there any other way around it?

Thanks in advance,

Caped Avenger. :xmassign:

cheerfulcat

Hi, Caped Avenger,

I think that your subject heading has scared everyone off! Posts mentioning shares and investments tend to get pulled, or the thread gets locked...anyway, yes, that is the standard fee although IIRC it is the fee for re-issuing certificates - transferring shares into someone else's name normally involves simply filling out a share transfer form ( free ) and sending it to the registrar, LloydsTSB in this case. I have never paid a fee for transferring shares. It might be worth telephoning them again?

HTH

Cheerfulcat

mbamick

Caped_Avenger wrote:

My questions are: Is this a reasonable/standard sort of fee for this kind of service? Also, if it's not, is there any other way around it?

Good advice from Cheerful Cat. I've transferred shares to my partner on several occasions, and the transfer process has always been FREE. That said, it doesn't surprise me in the slightest to find Registrars charging a fee for administering shares in the deceased estate!

But please visit Centrica you'll get the same advice, and the contact details, from "the horse's mouth" [i.e. Centrica itself. The link takes you to the page which answers the question on what to do in the event of a death of a relative that holds Centrica shares. if you follow the links on the page, you'll see that there is a minimum charge of £23.50 for registering the death and transferring the shares to next of kin / executor of will; and a further £30 "countersignature" fee if there is no Deed of Probate in issue. [Talk about money for old rope - its scandalous IMHO]