Executor / Equiniti Charges for selling shares

Toki

Good morning,

I am the executor for a relation who held Centrica, Lloyds and Santander (Formerly A&L) shares. These are held with Equiniti and I've registered the death and planned to sell.

However Equniti are going to charge £60 per holding. The value of the shares are only approximately £1,500 in total meaning we'd be paying over 10%.

What other options would I have? I believe I can transfer names via Equiniti for free (correct me if this is wrong). Would I then be able to sell via someone else for around £10 each?

I do have the paper certificates for Centrica, not for Lloyds and I think Santander are held electronically in a nominee account.

Thanks in advance.

dunstonh

What other options would I have?

1 - don't sell the shares. Transfer them to a beneficiary or
2 - use a different broker.

Shmo

For the paper Centrica certificates you'll most likely need to fill out a stock transfer form . I believe you can split the holding at this point between the beneficiaries by filling out a separate form for equal shares of the stock. Otherwise you can transfer into a single name and balance the estate using cash assets.

Once you have the certificate in your name you can use a CREST transfer form from a nominee provider of your choice (link uses one for Equiniti's Shareview service) to transfer the paper shares into an online account. Watch out for charges here and having used Equiniti's Shareview service I wouldn't particularly recommend it. I use IG for my share dealing.

Santander has a separate form to transfer the shares into your name within their nominee service. You can then check whether you can sell directly from their service once the shares are in your name, otherwise there will be another form again to transfer to a different nominee provider. I think this is the form to transfer to another nominee provider.

No clue about the Lloyds shares. Are they held within a different nominee account service?

Toki

Shmo wrote: »

For the paper Centrica certificates you'll most likely need to fill out a stock transfer form . I believe you can split the holding at this point between the beneficiaries by filling out a separate form for equal shares of the stock. Otherwise you can transfer into a single name and balance the estate using cash assets.

Once you have the certificate in your name you can use a CREST transfer form from a nominee provider of your choice (link uses one for Equiniti's Shareview service) to transfer the paper shares into an online account. Watch out for charges here and having used Equiniti's Shareview service I wouldn't particularly recommend it. I use IG for my share dealing.

Santander has a separate form to transfer the shares into your name within their nominee service. You can then check whether you can sell directly from their service once the shares are in your name, otherwise there will be another form again to transfer to a different nominee provider. I think this is the form to transfer to another nominee provider.

No clue about the Lloyds shares. Are they held within a different nominee account service?

Thanks, sounds like the best option is to transfer names first of all then we can look at how to sell them.

Regarding Lloyds, I'm not sure, they used to be TSB shares when the floated, then Lloyds Banking Group but don't have any certificates.

talexuser

For paper shares, the cheapest selling I found was to send them recorded delivery to x-o.co.uk, wait a week or so to get them transferred to crest electronic system and then sell for £5.95 per trade.

Toki

Thanks, will transfer and send them to X-O as have an account there already.

I got the stock transfer form in the post Shmo so will do this first of all.

Thanks again everyone