Inherited Shares: Sell through Equiniti or Transfer to HL?

RichNotYet

Hi all.
I've inherited a small number of shares, and am seeking advice from the knowledgeable folk on here as to how to sell these.
They've been transferred into my name by Equiniti, and are currently sat there.
I've got a small HL Share trading account that I started to play with a couple of years ago.

Are there any other known pros and cons of either selling them via Equiniti - who charge up to 1.5% or £45, whichever larger) or HL, who would charge me £12, and the slightly lower sell-price.
I understand that I need to model this out to see which one would cost less, but are there any other things I should be thinking about / know about?

(PS I'm aware that Cap. Gains Tax will apply if I sell the shares for more than they were worth on the day of death of the holder).

Many thanks in advance.

Swipe

I have some inherited Lloyds shares and I'll transfer them out before selling just on principle, just so Equiniti don't get their rip off fees. However, I'm holding tight to see if the British ISA ever takes off and then I'll transfer them to someone else.

LukeForrest

Personally I would transfer to HL, I have everything on there including my pension and they are by far the best platform out there. May be worth looking into transferring it into your tax free isa allowance if you want to hold onto them for longer.

wmb194

RichNotYet said:

Hi all.
I've inherited a small number of shares, and am seeking advice from the knowledgeable folk on here as to how to sell these.
They've been transferred into my name by Equiniti, and are currently sat there.
I've got a small HL Share trading account that I started to play with a couple of years ago.

Are there any other known pros and cons of either selling them via Equiniti - who charge up to 1.5% or £45, whichever larger) or HL, who would charge me £12, and the slightly lower sell-price.
I understand that I need to model this out to see which one would cost less, but are there any other things I should be thinking about / know about?

(PS I'm aware that Cap. Gains Tax will apply if I sell the shares for more than they were worth on the day of death of the holder).

Many thanks in advance.

Equiniti's a rip-off so it's a no-brainer from a cost perspective. Assuming you cannot be bothered with a cheaper broker, transfer them in specie to HL. The only real downside is that it may take a few weeks.

Section62

wmb194 said:

RichNotYet said:

Hi all.
I've inherited a small number of shares, and am seeking advice from the knowledgeable folk on here as to how to sell these.
They've been transferred into my name by Equiniti, and are currently sat there.
I've got a small HL Share trading account that I started to play with a couple of years ago.

Are there any other known pros and cons of either selling them via Equiniti - who charge up to 1.5% or £45, whichever larger) or HL, who would charge me £12, and the slightly lower sell-price.
I understand that I need to model this out to see which one would cost less, but are there any other things I should be thinking about / know about?

(PS I'm aware that Cap. Gains Tax will apply if I sell the shares for more than they were worth on the day of death of the holder).

Many thanks in advance.

Equiniti's a rip-off so it's a no-brainer from a cost perspective. Assuming you cannot be bothered with a cheaper broker, transfer them in specie to HL. The only real downside is that it may take a few weeks.

I can second this.

A friend inherited a portfolio of shares held on an overseas (EU) platform.  HL took care of everything - not the fastest method, but much cheaper than the original platform's fees.

RichNotYet

Thank you everyone, I really appreciate your input - It's always nice to validate ones thinking!
Cheers.

Mothman

On a similar topic my wife has 208 Barclays Bank shares held on Equiniti that we would like to transfer to her iWeb account. Only problem is we don't have a Barclays share certificate, but do have a certificate for 450 Woolwich BS shares ( I assume these were converted to 208 Barclays shares at some point in the past). Does anyone know if the Woolwich share certificate would be acceptable to do a transfer or would Barclays have issued a replacement share certificate which we don't have.

wmb194

Mothman said:

On a similar topic my wife has 208 Barclays Bank shares held on Equiniti that we would like to transfer to her iWeb account. Only problem is we don't have a Barclays share certificate, but do have a certificate for 450 Woolwich BS shares ( I assume these were converted to 208 Barclays shares at some point in the past). Does anyone know if the Woolwich share certificate would be acceptable to do a transfer or would Barclays have issued a replacement share certificate which we don't have.

Because there's a mismatch in the number of shares there must have either been a new certificate issued or the new Barclays shares were held electronically via a nominee from the get-go. A quick Google confirms this, "Woolwich shareholders get 0.1175 Barclays shares plus £1.64 cash for each Woolwich share they hold. Someone who received the basic 450 Woolwich shares as a windfall will get 52 Barclays shares plus £15.05 cash for the odd fraction of shares. They'll also get £738, based on the £1.64 per share payout. Based on Barclays' share price of £17.20 on August 31, the deal would be worth £1,647.45."

It depends on how they're held with Equiniti. If Equiniti is the nominee then you won't need a certificate. You phrase it as, "held on Equiniti" so it could be?

https://www.thisismoney.co.uk/money/saving/article-1565202/The-Woolwich-offer-explained.html

Albermarle

LukeForrest said:

Personally I would transfer to HL, I have everything on there including my pension and they are by far the best platform out there. May be worth looking into transferring it into your tax free isa allowance if you want to hold onto them for longer.

Just to be fair that is only a matter of opinion. 
Although it is clear Equiniti are expensive, HL have more direct competitors that also do a good job, and have more competitive pricing.

Mothman

wmb194 said:

Mothman said:

On a similar topic my wife has 208 Barclays Bank shares held on Equiniti that we would like to transfer to her iWeb account. Only problem is we don't have a Barclays share certificate, but do have a certificate for 450 Woolwich BS shares ( I assume these were converted to 208 Barclays shares at some point in the past). Does anyone know if the Woolwich share certificate would be acceptable to do a transfer or would Barclays have issued a replacement share certificate which we don't have.

Because there's a mismatch in the number of shares there must have either been a new certificate issued or the new Barclays shares were held electronically via a nominee from the get-go. A quick Google confirms this, "Woolwich shareholders get 0.1175 Barclays shares plus £1.64 cash for each Woolwich share they hold. Someone who received the basic 450 Woolwich shares as a windfall will get 52 Barclays shares plus £15.05 cash for the odd fraction of shares. They'll also get £738, based on the £1.64 per share payout. Based on Barclays' share price of £17.20 on August 31, the deal would be worth £1,647.45."

It depends on how they're held with Equiniti. If Equiniti is the nominee then you won't need a certificate. You phrase it as, "held on Equiniti" so it could be?

https://www.thisismoney.co.uk/money/saving/article-1565202/The-Woolwich-offer-explained.html

Thanks for the reply. On further searching we have found a booklet entitled Barclays Sharestore Statement of Entitlement from 2002. The first page is perforated and detachable so don't know if this what now qualifies as share certificate?

From the last Equiniti statement it would appear that they are just acting as a share dealing service for Barclays.

wmb194

Mothman said:

wmb194 said:

Mothman said:

On a similar topic my wife has 208 Barclays Bank shares held on Equiniti that we would like to transfer to her iWeb account. Only problem is we don't have a Barclays share certificate, but do have a certificate for 450 Woolwich BS shares ( I assume these were converted to 208 Barclays shares at some point in the past). Does anyone know if the Woolwich share certificate would be acceptable to do a transfer or would Barclays have issued a replacement share certificate which we don't have.

Because there's a mismatch in the number of shares there must have either been a new certificate issued or the new Barclays shares were held electronically via a nominee from the get-go. A quick Google confirms this, "Woolwich shareholders get 0.1175 Barclays shares plus £1.64 cash for each Woolwich share they hold. Someone who received the basic 450 Woolwich shares as a windfall will get 52 Barclays shares plus £15.05 cash for the odd fraction of shares. They'll also get £738, based on the £1.64 per share payout. Based on Barclays' share price of £17.20 on August 31, the deal would be worth £1,647.45."

It depends on how they're held with Equiniti. If Equiniti is the nominee then you won't need a certificate. You phrase it as, "held on Equiniti" so it could be?

https://www.thisismoney.co.uk/money/saving/article-1565202/The-Woolwich-offer-explained.html

Thanks for the reply. On further searching we have found a booklet entitled Barclays Sharestore Statement of Entitlement from 2002. The first page is perforated and detachable so don't know if this what now qualifies as share certificate?

From the last Equiniti statement it would appear that they are just acting as a share dealing service for Barclays.

Mothman said:

wmb194 said:

Mothman said:

On a similar topic my wife has 208 Barclays Bank shares held on Equiniti that we would like to transfer to her iWeb account. Only problem is we don't have a Barclays share certificate, but do have a certificate for 450 Woolwich BS shares ( I assume these were converted to 208 Barclays shares at some point in the past). Does anyone know if the Woolwich share certificate would be acceptable to do a transfer or would Barclays have issued a replacement share certificate which we don't have.

Because there's a mismatch in the number of shares there must have either been a new certificate issued or the new Barclays shares were held electronically via a nominee from the get-go. A quick Google confirms this, "Woolwich shareholders get 0.1175 Barclays shares plus £1.64 cash for each Woolwich share they hold. Someone who received the basic 450 Woolwich shares as a windfall will get 52 Barclays shares plus £15.05 cash for the odd fraction of shares. They'll also get £738, based on the £1.64 per share payout. Based on Barclays' share price of £17.20 on August 31, the deal would be worth £1,647.45."

It depends on how they're held with Equiniti. If Equiniti is the nominee then you won't need a certificate. You phrase it as, "held on Equiniti" so it could be?

https://www.thisismoney.co.uk/money/saving/article-1565202/The-Woolwich-offer-explained.html

Thanks for the reply. On further searching we have found a booklet entitled Barclays Sharestore Statement of Entitlement from 2002. The first page is perforated and detachable so don't know if this what now qualifies as share certificate?

From the last Equiniti statement it would appear that they are just acting as a share dealing service for Barclays.

I would say that's a statement for a nominee account and that's what Barclays' website appears to confirm: "Barclays Sharestore* is a convenient way to hold your shares electronically through our Corporate Sponsored Nominee. ... Eliminate the risk of losing your share certificate and having to pay a replacement fee."

So good news, I think you'll find it easy to transfer these in specie to iWeb.

https://home.barclays/investor-relations/shareholder-information/barclays-sharestore/