Lloyds shares with Equiniti

P933alilli

My elderly Mum died recently and has 693 Lloyds shares in Equiniti and i'm wondering whether to get them transferred into my name or sell them There is an £85 fee to get them transferred to me or i could sell them which incurs a further fee. I dont need the cash. The value of each share is 54.44 and i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

Mark_d

It's anyone's guess what will happen to Lloyds shares going forward.  If you're not comfortable managing an investment in Lloyds shares then, if it was me, I'd sell the shares and put the money into my choice of investment.  But I can't advise what you should do.

Albermarle

i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

They are not cheap or expensive. The current share price is what the market currently values the shares as. 

As for the future direction, try a crystal ball !.

kipsterno1

There is a third option if you are feeling benevolent. Gifting them to a charity is free.

Voyager2002

There is no hurry. 

eskbanker

P933alilli said:

The value of each share is 54.44

Just to be clear, that's 54.44 pence, not £54.44!

Beddie

P933alilli said:

My elderly Mum died recently and has 693 Lloyds shares in Equiniti and i'm wondering whether to get them transferred into my name or sell them There is an £85 fee to get them transferred to me or i could sell them which incurs a further fee. I dont need the cash. The value of each share is 54.44 and i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

I recently sold a few hundred Lloyds shares I had with Equiniti - cost was £20 I think. It's worth it to get away from them, very bureaucratic.

Swipe

P933alilli said:

My elderly Mum died recently and has 693 Lloyds shares in Equiniti and i'm wondering whether to get them transferred into my name or sell them There is an £85 fee to get them transferred to me or i could sell them which incurs a further fee. I dont need the cash. The value of each share is 54.44 and i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

Are you sure that £85 is correct for bereavement shares? My inherited Lloyds shares were transferred into my name free of charge by Equiniti around 3 years ago.

TheBanker

Swipe said:

P933alilli said:

My elderly Mum died recently and has 693 Lloyds shares in Equiniti and i'm wondering whether to get them transferred into my name or sell them There is an £85 fee to get them transferred to me or i could sell them which incurs a further fee. I dont need the cash. The value of each share is 54.44 and i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

Are you sure that £85 is correct for bereavement shares? My inherited Lloyds shares were transferred into my name free of charge by Equiniti around 3 years ago.

My dad had a Lloyds shareholding that was only worth about £150. They were originally Halifax shares from demutualisation, I believe. I transferred them into my name and I don't recall paying £85 for the pleasure. I kept them for quite a few years as the dealing fee meant there was not much point selling them.

P933alilli said:

My elderly Mum died recently and has 693 Lloyds shares in Equiniti and i'm wondering whether to get them transferred into my name or sell them There is an £85 fee to get them transferred to me or i could sell them which incurs a further fee. I dont need the cash. The value of each share is 54.44 and i wondered if theyre particularly cheap at the moment and likely to increase much going forward?

If your mum's shares were held in the Corporate Sponsored Nominee (CSN), and you've registered the death, I think you can get them transferred to your name without charge. 

Start out here: https://equiniti.com/uk/help-and-support/bereavement/transfer-sell-donate

Then work through the options until you get to Form A - Exor Legal Rep

This says there is no fee. So who told you it would cost £85? They may be right, it depends on how exactly the shares are held. But they may also be wrong.

Once they're in your name, you can either sell them (which will cost), or just keep them and receive occasional small dividends. 

P933alilli

I contacted Equiniti to notify them of my Mum's passing and they said to use their small estate declaration and indemnity form. There is an admin fee of £50 and a countersignature waived fee of £35 for the one holding.

 However ive just found a letter dated October 2013 addressed to Mum to say that the shares are held electronically in the CNS, therefore no share certificate will be issued! It was a letter to say that the shares had been transferred to her from the previous holder which was my Dad.

TheBanker

P933alilli said:

I contacted Equiniti to notify them of my Mum's passing and they said to use their small estate declaration and indemnity form. There is an admin fee of £50 and a countersignature waived fee of £35 for the one holding.

 However ive just found a letter dated October 2013 addressed to Mum to say that the shares are held electronically in the CNS, therefore no share certificate will be issued! It was a letter to say that the shares had been transferred to her from the previous holder which was my Dad.

I see. If you're using the Small Estates process then those fees will apply I think, they are for registering the death rather than for transferring the shares. The shares are worth about £377, if they were less than £200 the £50 admin fee would be waived, and if less than £100 the £35 fee would also be waived. 

The only way to avoid these fees is to obtain a Grant of Probate. It wouldn't be worth obtaining Probate to save £85 I don't think, but if you need to get a Grant of Probate for other reasons, I thin this would allow you to avoid the £85 fee. That is presumably why I didn't have to pay for my dad's shares to be transferred - I had a Grant of Probate which I needed due to the value of his other savings.