Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Transfer of Shares Upon Death

including wills and probate
heathmount
Posts: 27
Joined: November 4th, 2016, 7:23 pm
Been thanked: 5 times

Transfer of Shares Upon Death

#443645

Postby heathmount » September 19th, 2021, 6:16 pm

Hi

I'm aware that the question I'm about to ask involves an incredibly small amount but still, out of principle I'd like to know the answer.

My father in law passed away recently and although he had essentially no estate to speak of he had 104 Banco Santander Corporate Nominee CDI shares which I assume were a legacy of the 100 Abbey National shares that everyone received probably nigh on 40 years ago.

Anyway they seem to be worth about £270 on current prices. According to the Small Estate Declaration and Indemnity form I have it looks like to either sell or transfer these shares to his widow there is a Countersignature fee of £34.50 (applicable on holdings worth more than £100) and an admin fee of £45 (applicable on holdings worth more than £200). So it would appear that to merely transfer the shares to his wife she will need to pay around 30% in fees.

Is this just one of those unfortunate borderline cases where the holding value is so low (but over the threshold) that you get hammered no matter what you do? Or is there some other low fee way of transferring shares to a widow?

Like I say, none of this is going to make any difference and I'll phone Santander this week to get their view but I'm just interested in other's opinions.

heathmount

pje16
Lemon Half
Posts: 6050
Joined: May 30th, 2021, 6:01 pm
Has thanked: 1843 times
Been thanked: 2066 times

Re: Transfer of Shares Upon Death

#443649

Postby pje16 » September 19th, 2021, 6:39 pm

AFAIK they can be transferred using a Stock Transfer form (after Probate has been granted)
https://www.rochelegal.co.uk/news/do-yo ... -business/

seagles
Lemon Slice
Posts: 490
Joined: August 19th, 2017, 8:37 am
Has thanked: 153 times
Been thanked: 235 times

Re: Transfer of Shares Upon Death

#443651

Postby seagles » September 19th, 2021, 6:42 pm

I transferred my mums to my account. No cost, just needed probate to be complete.

pje16
Lemon Half
Posts: 6050
Joined: May 30th, 2021, 6:01 pm
Has thanked: 1843 times
Been thanked: 2066 times

Re: Transfer of Shares Upon Death

#443660

Postby pje16 » September 19th, 2021, 7:13 pm

and here is a link to the transfer form
https://www.google.com/url?sa=t&rct=j&q ... wjK6-xNCjl

heathmount
Posts: 27
Joined: November 4th, 2016, 7:23 pm
Been thanked: 5 times

Re: Transfer of Shares Upon Death

#443864

Postby heathmount » September 20th, 2021, 3:41 pm

Thanks for the links, much appreciated.

heathmount

scrumpyjack
Lemon Quarter
Posts: 4811
Joined: November 4th, 2016, 10:15 am
Has thanked: 605 times
Been thanked: 2675 times

Re: Transfer of Shares Upon Death

#443871

Postby scrumpyjack » September 20th, 2021, 4:05 pm

A transfer form is fine when you have a certificate for the shares. But in this case the shares are registered in the name of nominees and the terms and conditions of those nominees will have been accepted when first registered in that way. So you may find there is no way of avoiding their charges. Other nominees operate the same racket (sorry, 'procedure'). You are dealing with the Corporate nominee, not with the company share registrar. Also I Think Santander is a spanish company and hence possibly not subject to the usual arrangements for share registers that apply in the UK.

It seems to be run by Equiniti whose fees are probably not avoidable
https://www.shareview.co.uk/4/Info/Port ... /Home.aspx

staffordian
Lemon Quarter
Posts: 2298
Joined: November 4th, 2016, 4:20 pm
Has thanked: 1887 times
Been thanked: 869 times

Re: Transfer of Shares Upon Death

#443917

Postby staffordian » September 20th, 2021, 7:30 pm

scrumpyjack wrote:A transfer form is fine when you have a certificate for the shares. But in this case the shares are registered in the name of nominees and the terms and conditions of those nominees will have been accepted when first registered in that way. So you may find there is no way of avoiding their charges. Other nominees operate the same racket (sorry, 'procedure'). You are dealing with the Corporate nominee, not with the company share registrar. Also I Think Santander is a spanish company and hence possibly not subject to the usual arrangements for share registers that apply in the UK.

It seems to be run by Equiniti whose fees are probably not avoidable
https://www.shareview.co.uk/4/Info/Port ... /Home.aspx

If this is the case, it might be cheaper, assuming it's possible, to request the holding be converted to certificated form, after which the option highlighted earlier might be possible.

I realise the fact that the holder is deceased might be an insurmountable stumbling block...


Return to “Legal Issues (Practical)”

Who is online

Users browsing this forum: No registered users and 6 guests