Cashing in a stocks and shares ISA - how long does it take?

alant1000

Hi all,

I have a Halifax ISA Investor (stocks and shares), and i need to access some funds pretty rapidly. The account has been running for about 2 years i think.

I have looked online and on their terms and conditions and they do not say how long the process takes to withdraw the fund value as cash. I know with a cash ISA it can be done straight away, anyone know how long it takes with stocks and shares plans? Its a pretty urgent one, i'll call Halifax tomorrow but any indication today would be great.

Many thanks
Alan

dunstonh

typically about 10 days if you are using unit linked funds. If its a structured product, it may be longer.

JamesU

alant1000 wrote: »

Hi all, I have a Halifax ISA Investor (stocks and shares).....anyone know how long it takes with stocks and shares plans? Its a pretty urgent one, i'll call Halifax tomorrow but any indication today would be great

Alant, are you trying to sell Halifax funds within the S+S ISA promptly? If so, there is a possible way to minimise time delays.

JamesU

alant1000

JamesU wrote: »

Alant, are you trying to sell Halifax funds within the S+S ISA promptly? If so, there is a possible way to minimise time delays.

JamesU

Hi James

Yes i beleive so, its a plan taken out with Halifax (who i also bank with), the plan is called ISA Investor and my contract note says "HBOS UK Investment Funds ICVC - then lists the types of funds (corporate bond / uk growth / uk equity) and i know the current fund value, so would like to cash this in - i'm not very good with the technical detail i'm afraid!

Does this sound like something that might be able to be sorted a little bit quicker then - to the point where cash is in my account rather than in my ISA portfolio?

thanks for any help
Alan

dunstonh

About 10 days at the most.

You give them the sale instruction, they wait for settlement and then issue you with the funds.

JamesU

alant1000 wrote: »

Hi James
Yes i beleive so, its a plan taken out with Halifax (who i also bank with), the plan is called ISA Investor and my contract note says "HBOS UK Investment Funds ICVC - then lists the types of funds (corporate bond / uk growth / uk equity) and i know the current fund value, so would like to cash this in - i'm not very good with the technical detail i'm afraid!

Hi Alan, it is not my place to suggest whether or not you should sell your Halifax S+S ISA funds, that is your choice of course.

But if you are intending to do this anyway, I do not think Halifax allows "cash held on account" within the S+S ISA. Usually the option is to sell the fund and switch to another fund within the ISA, or sell the fund and the cash is then transferred outside of the ISA to your nominated account. And if this is the case, you then loose the ISA allowance built up inside the ISA at that point. If you are unclear on any of this, Halifax will be able to explain it to you on the phone or you can see somebody in your branch to discuss the same. You can also ask for last date valuations on the funds over the phone (last Friday's values) or in branch.

But the fastest route to selling the Halifax funds is by fax. If you already have a withdrawal form fine. If not phone Halifax and ask them to send one to to complete and sign, as this is obligatory. At the same time, ask for the phone and fax numbers for the HBOS fund managers department who will be selling the fund (previous fax: 01904 61115, but check as this may have changed).

Then fill in and sign the withdrawal form (plan number, fund(s), %fund(s) to be sold, bank instructions etc). But if you have access to fax, instead of posting back the withdrawal form to Halifax to administer internally which can take time, give HBOS fund managers a ring explaining you would like to fax through selling instructions for implementation at next day valuation, and confirm this is OK with them.

Then fax though the signed withdrawal form together with specific info in covering letter to HBOS fund managers, a previous cut and paste here:

Fax cover sheet: As discussed by phone, please find attached to this fax my signed withdrawal form as instruction to sell 100% of the fund(s) XX at the next valuation point on XX/06/11 at 12:00.

If there are any complications or queries with this transaction could you please contact me on tel: XXXX XXXXXX.

Then just ring the fund managers after the sale date/time to ensure transaction was completed according to the instructions faxed. Did this a year or so ago and cash was received in nominated current account within 3-4 working days of sale. Probably the fastest option with Halifax funds and importantly, a bit more control on when to sell the fund(s) depending on how the fund value is fluctuating over time with the markets.

Hope the above is clear. But if it is not, or if you are not sure how to fill in the withdrawal form, might be best to pop into your branch and discuss this with them in the first instance. You can then still use the fax option if preferred. Halifax may also agree to fax through your instructions in-branch if they are not too busy.

A lot of info, but hope it is clear.

JamesU

alant1000

^ fantastic james that really is massively helpful, cheers!