LLoyds/HBOS shares inherited worth less than the cost of putting them in my name

moneypenny2k

When my uncle died about 18 months ago I forgot to move his HBOS shares into my name as they were in the middle of the changeover to Lloyds. Today when I finally got the paperwork out to phone them I was told that normally there is a fee of £69.75 to change the shares into my name. This is around about what the 131 shares are worth.

The lady on the other end of the phone told me however that Lloyds normally waive this fee if the amount of shares is worth less than £100 does anyone have any knowledge of this practise? I don't want to bother doing all this if I'm only going to gain a fiver or so...

Sceptic001

How about donating them to charity - I believe this can be done free of charge by Sharegift

JamesU

moneypenny2k wrote: »

When my uncle died about 18 months ago I forgot to move his HBOS shares into my name as they were in the middle of the changeover to Lloyds. Today when I finally got the paperwork out to phone them I was told that normally there is a fee of £69.75 to change the shares into my name. This is around about what the 131 shares are worth.

The lady on the other end of the phone told me however that Lloyds normally waive this fee if the amount of shares is worth less than £100 does anyone have any knowledge of this practise? I don't want to bother doing all this if I'm only going to gain a fiver or so...

This does not sound right to me at all. Are your shares registered with Lloyds themselves or elsewhere?

HBOS shares were held with registrars at Computershare where they converted to Lloyds shares. During the period you describe, the HBOS shares reverted to Lloyds shares, then followed a 1:40 capitalisation (around May 09) and at least one, possibly two rights issues over the period (probably not taken up under the circumstances). In parallel, Lloyds shares (not from HBOS conversion) were registered at Equiniti.

Both Equiniti and Computershare transfer shares from the deceased to the named beneficiary upon instruction from the executor of the will by filling in the appropriate forms and returning the HBOS cetificated shares (if still available). They also need the grant of probate and death certificate (both returned by post). There is no charging involved under these circumstances, a share certificate is reissued in the name of the new beneficiary free of charge and the shares will still be registered electronically under the name of the new holder.

So, if the shares are held with Equiniti, there is no reason why the shares cannot be transferred into your name and a new certificate issued. Some of the staff dealing with various share issues at these registrars do get their facts mixed up on occasion. It is rather beaurocratic with their paperwork requirements, but if you want to persevere with this, you are entitled to receive the Lloyds shares in a certificated form in your name free of charge.

JamesU

moneypenny2k

Sceptic001 wrote: »

How about donating them to charity - I believe this can be done free of charge by Sharegift

Thanks to both of you for your replies. If there is no charge, I'll just put them in the portfolio until they are worth more than tuppance hapenny. Otherwise I'll give them to charity. Lovely suggestion,

googler

I recently got my deceased Mum's shares in BT, Rolls-Royce and Lloyds transferred into my name at no charge via Equiniti and Computershare.

dzug1

It could be a charge for replacing lost certificates if that's what's happened

moneypenny2k

Just a little update. They have waived their charges so I'm now the proud owner of 131 Lloyds shares.

Anything anyone want's me to bring up at the next shareholders meeting :rotfl:

JamesU

moneypenny2k wrote: »

Anything anyone want's me to bring up at the next shareholders meeting :rotfl:

Shareholder recapitalisation: A special resolution to issue 9 shares for every share held would be nice. Only when affordable of course....:)

JamesU

sabretoothtigger

That would be a scrip dividend which was done last year

JamesU

sabretoothtigger wrote: »

That would be a scrip dividend which was done last year

I was thinking more along the lines of 9:1 cap rather than 1:40 last May....

Update: just realised your point, fine 9:1 scrip dividend issued as shares would be suitable...

JamesU

Joe_Bloggs

Some original Lloyds shareholders have had enough and want £14 billion back according to this Guardian article.
J_B.