Share Transfere Charge is it Reasonable

redladder

My father died recently and had some shares with LLoyds Banking Group which have a value of £103. When I rang for advice I was told the shares could be transferred to me and the administration charge is £34.

My first question is "Is this a reasonable charge?" as it is one third of the value of the shares.

My second question is "What can I do about it?"

Biggles

Do you mean 'Shares with Lloyds Banking Group' (ie shares, in some company, that are held by Lloyds) or 'Shares in Lloyds Banking Group' (ie shares in Lloyds which may be held as certificates or by some other body)?

If the latter, you might get them sold for a bit less than £34 but for such a small total value you've got to be prepared to lose a sizeable proportion, I'm afraid.

You would do far better to have them sold than transferred to you. This probably wouldn't cost any less but it would mean you wouldn't have to pay a further commission fee when you finally dispose of them.

barak

redladder wrote: »

My father died recently and had some shares with LLoyds Banking Group which have a value of £103. When I rang for advice I was told the shares could be transferred to me and the administration charge is £34.

My first question is "Is this a reasonable charge?" as it is one third of the value of the shares.

My second question is "What can I do about it?"

It sounds as if your father's estate was what they call a "Small Estate" not requiring a Grant of Probate or Representation. This - bizarrely - appears to make it more expensive to transfer the shares.

I seem to recall that where there is a Grant of Probate, the transfer of shares doesn't cost anything. The executor just send the share certificate, a completed Stock Transfer form and a "sealed" copy of the Grant of Probate to the Registrar.

http://www.shareview.co.uk/helpcentre/Pages/faq4.aspx