Leaving HL without transfer charges

grey_gym_sock

i thought cash ISA transfers also use cheques, because that lets them physically attach the transfer paperwork to the cheque. so it might be the same idea for cash inside S&S ISAs.

though you can get round this by investing every penny inside your ISA into accumulation units of funds before transferring.

Doctor_Who

Don't want to rain on your parade but my cheque was raised a week ago, III have not received it yet!
This system has got to change.

That's cheered me up no end

In this day and age, when shares can be traded in nano-seconds, it beggars belief that moving half a dozen funds from one platform to another takes more than 2 months!!!

Off to get hat and scarf, remember where I parked the Tardis and see how my transfer is progressing in May 2014, will report back

xylophone

Off to get hat and scarf, remember where I parked the Tardis and see how my transfer is progressing in May 2014, will report back

I, too, am in process of transferring to II .....beginning to wonder whether my Unicorn is indeed a mythical beast as he seems to have wandered off into the thickets of transfer land with my little cash residue in a pannier on his back.....

I hope I'll be able to report his safe arrival in the II stable.....:)

C_Mababejive

Apologies if this has been asked before but if for EG i hold funds in a non ISA wrapper, would it be better to simply sell in the old platform and rebuy in the new platform?

OldDIYer

I'm one month into transfer from HL to II and almost half the funds/ITs have disappeared from the 3 HL accounts but not yet arrived at II.:(

There is nothing in the transaction history at HL - I will ask them 'why not?'.

Can someone further along in the process tell how long it took to from departure from HL to arrival at II?

(Apologies if this has been covered but I couldn't find it if it has!)

naedanger

trevbrierley wrote: »

I'm one month into transfer from HL to II and almost half the funds/ITs have disappeared from the 3 HL accounts but not yet arrived at II.:(

There is nothing in the transaction history at HL - I will ask them 'why not?'.

Can someone further along in the process tell how long it took to from departure from HL to arrival at II?

(Apologies if this has been covered but I couldn't find it if it has!)

My transfer is not to II.

I'm two months in. One account has been fully transferred (it completed a few days ago). My other account, an ISA, has still not completed. One fund which was to be sold and the cash transferred has vanished (no record of it or any sale or transfer on HL's system) and has not appeared on my new platform. It has been like that for over a week (probably closer to two weeks).

Quite annoying as I want the money in my ISA in order to "bed and ISA" (if that is the correct phrase) another holding this tax year.

vectistim

I had one fund converted into cash and that cash transferred within a week or two. The remaining eight funds, and the cash I had chucked in to fully use this year's allowance, have been merrily sitting there on HL with no change. Six/seven weeks in (last week) I sent a message asking what was going on, a couple of days later I had a message saying they were getting on with it, and on Monday four funds now show both on HL and on Fidelity.

It might be a coincidence that stuff started happening after I asked, or perhaps priority is given to those who query the process. I wonder if anyone can think any HL precedence for doing something differently if you kick up a fuss.

Imnoexpert_2

I'm only a few weeks into the process and as nothing had happened and I wanted to make sure my transfer had been registered as a free transfer and no HL charges would be imposed (as per their letter) I sent them a secure message.

I must say HL customer service is very good and I was phoned back within a day or so to confirm they were in touch with II and that the terms of my letter would be honoured. As has been posted before though.

HL will charge fees and then on receipt of a secure message refund me.

There is no estimate of how long the transfer will take

Any transactions on my account may cause 'complications'

I shall sit tight and see how it goes but may sell some funds and get the cash out.

Rollinghome

C_Mababejive wrote: »

Apologies if this has been asked before but if for EG i hold funds in a non ISA wrapper, would it be better to simply sell in the old platform and rebuy in the new platform?

It depends on the circumstances. It's what I did when I transferred my non-ISA holdings from HL to Cavendish a few years ago.

I sold and rebought tranches on the same day as back to back trades at the same price. Fundsnetwork don't take payment until after the 4 day settlement period and I used a few interest-paying current accounts for payment to minimise loss of interest on cash. The only exceptions when I didn't do back to back trades were when I tried to time the repurchase to make a tiny profit. I did the whole process gradually over a few weeks.

If the transfer was from a platform with transfer out charges to one with buying fees like II then you'd need to do the sums as you would if any funds had an initial charge or spread..

ztkr

Question for any HL exit-ees: if you've been offered the 'special fee' deal and the waiver of exit fees, do you think the two are mutually exclusive? For me, the cheapest arrangement going forward would be to keep funds in HL (at the 'special deal' rate of .25%), and transfer shares/ETFs to a cheaper broker.