Should I use Equiniti to sell shares?

benny5

I have a few low value stock holdings (EX Building Society conversions to PLC status) on the Equiniti.com platform that I plan to sell off.

Their fees appear very high. E.G. They are quoting a fee of £40 for one holding with a market value of £480.

Is that reasonable?

FrugaiMacDugal

Have a look at IWeb.

wmb194

benny5 said:

I have a few low value stock holdings (EX Building Society conversions to PLC status) on the Equifax platform that I plan to sell off.

Their fees appear very high. E.G. They are quoting a fee of £40 for one holding with a market value of £480.

Is that reasonable?

No. Are they held as certificates or wholly electronically? If certificates you need a broker a that'll accept them e.g., iWeb (£5 per trade, no account fee) or if electronic - or after they're electronic with iWeb - then you could transfer them to e.g., Trading212 or Freetrade and sell them for free. 

The one thing to check is that a broker offers a particular company's share but it probably won't be a problem with yours.

benny5

wmb194 said:

benny5 said:

I have a few low value stock holdings (EX Building Society conversions to PLC status) on the Equifax platform that I plan to sell off.

Their fees appear very high. E.G. They are quoting a fee of £40 for one holding with a market value of £480.

Is that reasonable?

No. Are they held as certificates or wholly electronically? If certificates you need a broker a that'll accept them e.g., iWeb (£5 per trade, no account fee) or if electronic - or after they're electronic with iWeb - then you could transfer them to e.g., Trading212 or Freetrade and sell them for free. 

The one thing to check is that a broker offers a particular company's share but it probably won't be a problem with yours.

While I still have the original certificates they also appear on my  Equiniti.com A/C.
It was from their platform that I obtained the 'Sell' quotation, so my assumption is they are wholly electronic as they were prepared to process the transaction for the fee indicated.

jimjames

benny5 said:

wmb194 said:

benny5 said:

I have a few low value stock holdings (EX Building Society conversions to PLC status) on the Equifax platform that I plan to sell off.

Their fees appear very high. E.G. They are quoting a fee of £40 for one holding with a market value of £480.

Is that reasonable?

No. Are they held as certificates or wholly electronically? If certificates you need a broker a that'll accept them e.g., iWeb (£5 per trade, no account fee) or if electronic - or after they're electronic with iWeb - then you could transfer them to e.g., Trading212 or Freetrade and sell them for free. 

The one thing to check is that a broker offers a particular company's share but it probably won't be a problem with yours.

While I still have the original certificates they also appear on my Equifax A/C.

Can you post a link to the site you're using? Equifax are a credit reference agency so you might not be using a valid site

wmb194

benny5 said:

wmb194 said:

benny5 said:

I have a few low value stock holdings (EX Building Society conversions to PLC status) on the Equifax platform that I plan to sell off.

Their fees appear very high. E.G. They are quoting a fee of £40 for one holding with a market value of £480.

Is that reasonable?

No. Are they held as certificates or wholly electronically? If certificates you need a broker a that'll accept them e.g., iWeb (£5 per trade, no account fee) or if electronic - or after they're electronic with iWeb - then you could transfer them to e.g., Trading212 or Freetrade and sell them for free. 

The one thing to check is that a broker offers a particular company's share but it probably won't be a problem with yours.

While I still have the original certificates they also appear on my Equifax A/C.
It was from their platform that I obtained the 'Sell' quotation, so my assumption is they are wholly electronic as they were prepared to process the transaction for the fee indicated.

*Equiniti I presume. If you're registered for it you're able to see certificates online and you can process a sale and then send the certificate(s) in later so my guess is that your holding is certificated.

benny5

My apologies. That should have said Equiniti.com. (Shareview).

benny5

Having created an iWeb A/C I’m now in the process of unloading some of these shares.

However, it doesn’t appear to be as straight forward as I first thought.  I have one stock held as a CSN and that will attract an ‘Equinity transfer out’ processing fee of £10 and given they say I can sell them for £20 is not worth the hassle of going with 1Web for that one.

All the others are Certificated Holdings and will be subject to a transfer to CSN’s status before proceeding further. And while that doesn’t appear to attract a charge the subsequent ‘transfer out’ no doubt will.  

I have never sold shares before and now I’m beginning to see why.

wmb194

benny5 said:

Having created an iWeb A/C I’m now in the process of unloading some of these shares.

However, it doesn’t appear to be as straight forward as I first thought.  I have one stock held as a CSN and that will attract an ‘Equinity transfer out’ processing fee of £10 and given they say I can sell them for £20 is not worth the hassle of going with 1Web for that one.

All the others are Certificated Holdings and will be subject to a transfer to CSN’s status before proceeding further. And while that doesn’t appear to attract a charge the subsequent ‘transfer out’ no doubt will.  

I have never sold shares before and now I’m beginning to see why.

Can you elaborate? Why does a certificated holding have to be deposited in an Equiniti CSN before it can be transferred to another broker? Why can't you lodge then directly with iWeb?

benny5

wmb194 said:

benny5 said:

Having created an iWeb A/C I’m now in the process of unloading some of these shares.

However, it doesn’t appear to be as straight forward as I first thought.  I have one stock held as a CSN and that will attract an ‘Equinity transfer out’ processing fee of £10 and given they say I can sell them for £20 is not worth the hassle of going with 1Web for that one.

All the others are Certificated Holdings and will be subject to a transfer to CSN’s status before proceeding further. And while that doesn’t appear to attract a charge the subsequent ‘transfer out’ no doubt will.  

I have never sold shares before and now I’m beginning to see why.

Can you elaborate? Why does a certificated holding have to be deposited in an Equiniti CSN before it can be transferred to another broker? Why can't you lodge then directly with iWeb?

As I've stated, I'm a novice at this game so forgive me if I've not got the correct processing sequence.

I was just looking at my Equiniti holdings on their platform and I interpreted the process as one of conversion to CSN's prior to their sale elsewhere.

If I can simply use iWeb then that makes life so much easier.

Thanks for your input.

wmb194

benny5 said:

wmb194 said:

benny5 said:

Having created an iWeb A/C I’m now in the process of unloading some of these shares.

However, it doesn’t appear to be as straight forward as I first thought.  I have one stock held as a CSN and that will attract an ‘Equinity transfer out’ processing fee of £10 and given they say I can sell them for £20 is not worth the hassle of going with 1Web for that one.

All the others are Certificated Holdings and will be subject to a transfer to CSN’s status before proceeding further. And while that doesn’t appear to attract a charge the subsequent ‘transfer out’ no doubt will.  

I have never sold shares before and now I’m beginning to see why.

Can you elaborate? Why does a certificated holding have to be deposited in an Equiniti CSN before it can be transferred to another broker? Why can't you lodge then directly with iWeb?

As I've stated, I'm a novice at this game so forgive me if I've not got the correct processing sequence.

I was just looking at my Equiniti holdings on their platform and I interpreted the process as one of conversion to CSN's prior to their sale elsewhere.

If I can simply use iWeb then that makes life so much easier.

Thanks for your input.

For the longest time you've been able to see certificated holdings online with Equinit/Shareview but it shouldn't mean that you need to lodge them again with Equiniti before transferring them to another broker - having certificates is meant to show that you hold them directly via the registrar.

Personally I'd just lodge them with iWeb (or another broker) but if you're nervous you could call Equiniti for reassurance.