Can someone explain to me the deal with HL?

masonic

Something else you could consider is simply opening an account somewhere else in the new tax year (if you've contributed to your ISA this tax year) and simply selling the share at HL and immediately buy it back in your new account. You could then transfer in cash for free and not lose any ISA allowance. It does require you to have a couple of grand to deposit initially though.

MonkeyD

You guys have been great, thank you so much!!

masonic wrote: »

Something else you could consider is simply opening an account somewhere else in the new tax year (if you've contributed to your ISA this tax year) and simply selling the share at HL and immediately buy it back in your new account. You could then transfer in cash for free and not lose any ISA allowance. It does require you to have a couple of grand to deposit initially though.

This is a really good idea actually, I think I will look into who to move to and when I pick one this is what I will do.

Many thanks again and you all have a fabulous weekend! :beer:

ColdIron

MonkeyD wrote: »

This is a really good idea actually, I think I will look into who to move to and when I pick one this is what I will do.

Don't forget that this will incur dealing costs, £11.95 at HL plus whatever the new provider charges and stamp duty. Only you can decide if it's really worth it though

masonic

I currently use SVS securities for shares and am happy with them. They have an introductory offer of £1 per trade for the first 30 days, so are well worth considering if you intend to sell and repurchase your share (normal cost is £5.75).

MonkeyD

SVS securities looks really good, but some of the shares I am eyeing are not UK based, which is about the only thing keeping me with HL at the moment, the ability to deal in US shares.

I've had a look at both SVS and XO and both seem UK only :S

Any recommendations on this front?

Linton

MonkeyD wrote: »

SVS securities looks really good, but some of the shares I am eyeing are not UK based, which is about the only thing keeping me with HL at the moment, the ability to deal in US shares.

I've had a look at both SVS and XO and both seem UK only :S

Any recommendations on this front?

iii provide US dealing though I have only used it the once to sell Verizon. It worked completely hassle-free.

Mattygroves2

Linton wrote: »

iii provide US dealing though I have only used it the once to sell Verizon. It worked completely hassle-free.

For a small portfolio and no trading iii are quite expensive when compared to iweb, X O, SVS and others that have no fixed charge. In this case they will even be significantly more expensive than HL.

The only way to find out if foreign share dealing is allowed is to ask the individual platforms.

masonic

Mattygroves2 wrote: »

... iweb ...

I think Mattygroves2 may have given you a good suggestion - not 100% sure, but I think they do US.

naedanger

yatinsardana wrote: »

[url]
I haven't really seen the big HL thread in detail but I would've thought that they would offer to take away some of these charges and everything if:
1) it meant you stayed with them
2) if you had a big enough portfolio that would further mean they'd get a big enough interest charge from you

But I'm not sure, you could always try and negotiate. No harm in doing that. But what will you be negotiating really? For them not to charge the exit fee, doubt they'd agree to that because there's nothing in it for them.[/url]

The main argument on the big HL thread is that HL should offer to waive their exit charges for all customers who wish to leave because they are unhappy with the new charges that are being introduced. Everyone who has sent a formal complaint regarding this has, as far as I am aware, been successful i.e. HL have either agreed to refund any exit charges already levied or have offered the customer the chance to transfer within one month without charge. HL are doing this, not for commercial reasons, but as a gesture of goodwill according to them. Also they will only waive these charge if you formally complain, and not if you merely ask.

There are other customers who are getting HL to reduce their ongoing charges but these offers are only being made to those with very large accounts, and then only in a small number of cases, e.g. after the customer had started the transfer process. These offers are most likely being made by HL for commercial reasons (as they are entitled to do).

If you wish to submit a claim for your exit charges to be waived you could send HL a secure message along the following lines:

Subject: Formal Complaint: FAO Senior Client Services Manager

I wish to complain that it is unfair introducing new/increased charges (e.g. the new probate charge and new exit charges) without giving customers an opportunity to exit without charge. I now understand that this is also against regulatory guidance e.g. from the OFT and that you have been waiving exit charges for customers who formally complained.

As a result of the increased charges I no longer want to remain with HL and I expect you to waive my exit and transfer fees, just as you have done for others.

If you refuse, and charge any fees on exit or transfer, then I intend to pursue this complaint via the Financial Ombudsman Service.

I look forward to an early response.

jimjames

masonic wrote: »

If you sell your holding and move in cash before June then it would be free. Otherwise there is the £25 charge for re-registering your share now, and in addition, the account closure fee of £25+VAT and cash transfer fee of £25 coming into effect in June.

I'm currently waiting for HL to clarify on the account closure fees.

As well as my ISA and SIPP, HL decided to open a fund account for me too. I never applied for it or signed any paperwork to request it and have never used it so I will be none too happy if they try to impose a fee to close it.