Leaving HL without transfer charges

masonic

Totton wrote: »

I can't help but feel that some may regret moving from HL, of course some will be better off but what about those that just rushed to move and follow the crowd? My own HL fees for April are 0.08p for the fund a/c and £3.75p for the ISA account.

The whole thing is too complicated, I hope that in time the platforms will be made to charge flat rates rather than % of what is held on them.

I don't think those responding in this thread have just been following the crowd. As you say, the new structure is quite complicated, so deciding on a new platform does require some comparisons to be done and the answer is coming out quite differently depending on people's circumstances. No doubt there will be a few who don't look before they leap, but switching platform is a major undertaking, so I think far more people will fail to switch when it would greatly benefit them, than will switch unnecessarily.

Your portfolio is not typical, being mostly share-based, so you benefit greatly from the £45 cap on share custody fees. However, even you could save money by switching your shares to another platform with no custody fees and lower dealing charges. Obviously, you get enough value at HL not to consider doing so and that's fine.

gadgetmind

Totton wrote: »

I can't help but feel that some may regret moving from HL, of course some will be better off

We're a few £k per annum better off between myself+wife across ISAs and SIPPs as a result of moving to BestInvest with their (grandfathered) flat rates.

Once HL wrote their "suicide note", we had no sensible choice other than to get out of their ASAP.

I do hope those staying with HL are doing it because they have carefully evaluated the options rather because of what is more than likely to be very costly inertia.

[Deleted User]

Hi,

Totton wrote: »

I can't help but feel that some may regret moving from HL, of course some will be better off but what about those that just rushed to move and follow the crowd? My own HL fees for April are 0.08p for the fund a/c and £3.75p for the ISA account.

The whole thing is too complicated, I hope that in time the platforms will be made to charge flat rates rather than % of what is held on them.

how did you find out what your fees will be for April, had a look at HL and couldn't find it.

Though did find a secure message saying I had to top up MCB for ISA, even though I have £75 of loyalty.

darren72

How long are transfers taking for those who have moved from HL to another provider (in particular II) ?

I submitted my transfer on 21st February and still waiting - nothing has changed yet.

I want to make additional contributions to my SIPP, but don't know if I should during the transfer period.....

Thanks

masonic

darren72 wrote: »

How long are transfers taking for those who have moved from HL to another provider (in particular II) ?

I submitted my transfer on 21st February and still waiting - nothing has changed yet.

That's not unusual. I was waiting almost 8 weeks before the first of my holdings started to move. Two weeks later, my switch is almost complete, but I still have one fund that has not budged, and one that is showing at both platforms.

I want to make additional contributions to my SIPP, but don't know if I should during the transfer period.....

I wouldn't place any deals on your HL SIPP. Adding cash and not investing it might be ok. You might want to consider contributing on the II side.

lejog2003

11 weeks to the day after submitting a transfer request I am now free from HL, at least they have written to tell me my account is closed. They don't appear to have charged the £75 SIPP exit fee, but there's no closing statement as there was when I closed my ISA, and the cash they say they've transferred is mysteriously £1.50 less than the amount in my account on Friday.

However only one fund has appeared in my ATS account, one ATS is chasing Vanguard for since it disappeared into the ether two weeks ago and ATS are still awaiting cheques from HL for the remainder. I'm retired and in drawdown and the disappearance of a sum well into 6 figures is rather disconcerting.

naedanger

lejog2003 wrote: »

11 weeks to the day after submitting a transfer request I am now free from HL, at least they have written to tell me my account is closed. They don't appear to have charged the £75 SIPP exit fee, but there's no closing statement as there was when I closed my ISA, and the cash they say they've transferred is mysteriously £1.50 less than the amount in my account on Friday.

However only one fund has appeared in my ATS account, one ATS is chasing Vanguard for since it disappeared into the ether two weeks ago and ATS are still awaiting cheques from HL for the remainder. I'm retired and in drawdown and the disappearance of a sum well into 6 figures is rather disconcerting.

If ATS are waiting on cheques from HL are those cheques shown on HL's platform as having been issued? HL did send my new platform cheques for the cash in my accounts. Those cheques are shown on HL's system and arrived with my new platform.

I also have a holding that vanished about a fortnight ago. It was to be sold and the cash transferred. However there is no record of it or any sale on HL's system. I have written to enquire what has happen to it, but have not yet had a reply.

xylophone

It is accomplished!:T

Unicorn has arrived in the II stable and my transfer from HL (including cash) is complete - I was not charged to transfer out.

However, I note that when I click on Unicorn in my ISA account, there does not appear to be any fund fact sheet available....

gowgowuk

masonic wrote: »

I wouldn't place any deals on your HL SIPP. Adding cash and not investing it might be ok. You might want to consider contributing on the II side.

related to that: my ISA transfer has been initiated on 20/3 from HL to II. Now that the new tax year has started, there's no problem for me buying new investements with II as long as I don't add to HL, is that right? (well, I am almost sure it's right but wanted a bit of reassurance). Anything else I should be aware of? Does it make sense to buy into the same (dirty) funds I am transferring from HL and have everything automatically converted into clean funds later when (hopefully) everything is in on the II side?
Thanks

masonic

gowgowuk wrote: »

related to that: my ISA transfer has been initiated on 20/3 from HL to II. Now that the new tax year has started, there's no problem for me buying new investements with II as long as I don't add to HL, is that right? (well, I am almost sure it's right but wanted a bit of reassurance). Anything else I should be aware of? Does it make sense to buy into the same (dirty) funds I am transferring from HL and have everything automatically converted into clean funds later when (hopefully) everything is in on the II side?
Thanks

Yes that's right. Regarding whether to buy dirty or clean class, you may find you're unable to buy the dirty class funds without existing holdings, but if you can it is up to you whether or not to do so. It won't make any difference once the transferred funds are converted.