Advice re selling shares

travel_freak · 9 March 2005 at 11:07AM

Hello, I wonder whether anyone can give me some tips on selling shares. I don't have any, but my mother wants to sell some of hers to raise some money. They are Marks & Spencer shares. I think the agents dealing with these are Lloyds Share Registrars. Does anyone know the procedure and what the costs of selling are likely to be? Also, is it possible to shop around to minimise the costs of sale or are these likely to be the same regardless of how or with whom the sale is organised? Any other general things to watch out for?

Any advice greatly received. Thanks in advance.

Noozan · 9 March 2005 at 11:27AM

I worked in an independent stockbrokers office about 4 years ago and at the time, an execution only deal cost £20.00 or 1.5% of the amount traded, whichever was greater.

"Execution only" is where you know what you want to buy or sell and don't want advice. If you go into a stockbroking office and they quote you a sale price, you can ask for them to "sell at £xxx or better", although these days, the price you're quoted is very close to the price you will get.

I think you can also sell shares online now but you may need to register beforehand if you hold the shares in certificated form. Online stockbrokers can be cheaper but there is the hassle of sending paperwork backwards and forwards. Your mother will also need to sign a sale transfer form before the funds are released.