Transfer shares of deceased.

malcolmgb

My mother died recently and had shares in 2 different banks which are both being held by Equiniti. I am trying help my father (next of kin) to transfer them to his name. Equiniti recommend using the Small Estates procedure, there is a Countersignature/Administration fee of £109.00, this seems rather a lot for the value of the shares, is there any other way of dealing with this?

Ifts

Sorry to hear of your loss.

I'm unsure if there is any way of getting away from paying this Countersignature/Administration fee.

There is a similar thread here that might be helpful to you:

https://forums.moneysavingexpert.com/discussion/comment/44078664#Comment_44078664

Loughton_Monkey

In general terms, I think Equiniti have become too big and complacent - with one hell of a lot of outsourced (insourced to them) business as share registrars. They are using that power to charge what the hell they like.

Usually far better (and more cost efficient) simply to sell the shares.

barak

Loughton_Monkey wrote: »

.....Usually far better (and more cost efficient) simply to sell the shares.

Doesn't that have the same problem in that nobody is authorised to sell the shares?

Somebody that did have such authority could transfer the shares at no cost simply by signing a transfer form and ticking the appropriate box on the reverse - as would an executor.

dzug1

If it is a small estate, the probate office fee (??£90??) is waived. If it isn't, then probate is needed anyway

So get probate then Equiniti will transfer for free.

malcolmgb

Thanks for all your replies on this, I didn't say earlier that up to now my sister and father had been sorting things and only now have I got involved.
My father hadn't got probate since the banks etc transfered everything to him using the death certificate as proof. I see that the probate fee cut off is £5000, the estate is worth more than that since they own their house. I need now to check if any other assets are still to be transfered including the house before deciding whether to get probate or pay Equiniti. Does that sound like the best way to go?

JamesU

malcolmgb wrote: »

Thanks for all your replies on this, I didn't say earlier that up to now my sister and father had been sorting things and only now have I got involved.
My father hadn't got probate since the banks etc transfered everything to him using the death certificate as proof. I see that the probate fee cut off is £5000, the estate is worth more than that since they own their house. I need now to check if any other assets are still to be transfered including the house before deciding whether to get probate or pay Equiniti. Does that sound like the best way to go?

No charge for transfer of home if DIY through Land registry, provided home was in joint ownership. But if the home was tenants in common (check deeds), need to apply for probate anyway, links to easy-to-understand info here:

http://hmctscourtfinder.justice.gov.uk/courtfinder/forms/pa2_e.pdf

http://www.justice.gov.uk/guidance/courts-and-tribunals/courts/probate/

Expensive sorting out the shares via small estate route at Equiniti due to admin charges and indemnification insurance in the abscence of a grant of probate. But if probate obtained there are no Equiniti charges to transfer shares to beneficiaries in a certificated or electronic form (and from memory no stamp duty if below around £1K/share type, check this on share transfer forms when received). Equiniti can be beaurocratic with hoops to jump through at times, but easy to sort out really, discussions on how to do this easily in the links here:

https://forums.moneysavingexpert.com/discussion/2522101

https://forums.moneysavingexpert.com/discussion/2443835

Hope family are coping at such a difficult time, and that things work out without too much difficulty.

JamesU