form of indemnity

lee32723272

Any help would be great struggling to find a bank to sign  form of indemnity my late mother died in October and she has a considerable amount of shares to be split with her 4 children we don’t have the certificate and been told we need  form of indemnity signed as the amount is over 50k what’s the cheapest way to do this as the house and all other assets have been sorted 

SevenOfNine

lee32723272 said:

Any help would be great struggling to find a bank to sign  form of indemnity my late mother died in October and she has a considerable amount of shares to be split with her 4 children we don’t have the certificate and been told we need  form of indemnity signed as the amount is over 50k what’s the cheapest way to do this as the house and all other assets have been sorted 

My condolences, but £50k in shares to be released, house & other assets sorted, but you're looking for the CHEAPEST way to obtain a form of identity!!! Personally, I'd just find out what the quickest, simplest way was of getting it, you're giving yourself unnecessary work & delay. 

xylophone

she has a considerable amount of shares to be split with her 4 children we don’t have the certificate 

Shares in one company? What does the registrar have to say?

https://www.informdirect.co.uk/shares/lost-share-certificate-replace/

Brynsam

lee32723272 said:

Any help would be great struggling to find a bank to sign  form of indemnity my late mother died in October and she has a considerable amount of shares to be split with her 4 children we don’t have the certificate and been told we need  form of indemnity signed as the amount is over 50k what’s the cheapest way to do this as the house and all other assets have been sorted 

You say 'a considerable amount of shares' and refer to 'certificate' in the singular, which suggests these all in one company? If so, you'll struggle, because the form of indemnity needed these days makes the bank a party to the indemnity - and most either won't sign at all, or will need a hefty payment to do so to cover whatever level of risk they perceive they are taking. Sometimes companies will accept the signature of the applicant, but expect to pay a substantial sum to cover the risk the company thinks it is taking by relying on someone who could be a man of straw.

lee32723272

Bit of a update contacted 5 banks and none of them will sign it there isn't really any assets and the house is still on the market yes all shares are with one company unilever does anyone know who will sign for a new certificate think things have been made awkward with being in my mother's name 
we know we will have to pay a fee for this we just dont want are leg lifted just want it done fast as possible and not get ripped off more than likely the house markets going to slow down soon and share prices will plummet if we go into recession and we dont want to wait till where out of recession  
 

xylophone

Presumably you are the executor of your mother's estate?
Have you actually contacted the Registrar? 
https://www-uk.computershare.com/Investor/faqs2.asp?category=%7B3E846E72%2DDCDB%2D4060%2DB657%2D68069892CD14%7D

lee32723272

Yes we have been in touch with Registrar computershare thats who told us we need to get the form signed for the lost certificate but they can not tell us where to get it signed 

hjd

There are companies which will do it for a fee. I googled them and approached one (portsoken.co.uk); got the forms but didn't use them in the end as we used my mother's investment advisers. They had a firm which would do it slightly more cheaply but seemed to be from around 1% up to 2% of value of the shares (this was for a single shareholding in excess of £50,000).
It's a standard procedure as the shares can't be sold or traded without the certificate, and the Registrar won't issue a new certificate unless someone else takes the risk.

xylophone

Yes we have been in touch with Registrar computershare thats who told us we need to get the form signed for the lost certificate but they can not tell us where to get it signed 

https://www-uk.computershare.com/Investor/faqs2.asp?bhjs=1&fla=0&category=%7B3E846E72%2DDCDB%2D4060%2DB657%2D68069892CD14%7D

We will always require a countersignature where the value of the share certificate(s) being covered is £50,000 or more. Countersignature insurance is a specialist service that will not be provided by many Banks or Insurance Companies. Therefore, if you cannot find your own counter signatory, the company shown below should be able to provide the service for a fee. Please note, this is not a financial promotion, but a completely independent service, for which Computershare receives no payment:

Trust & Probate Insurance

Legal & Contingency Limited, 60 Fenchurch Street, London, EC3M 4AD

Web: www.trustprobate-insurance.co.uk

 

Tel: 020 7397 4366