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
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Transfer of Shares Upon Death
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- Lemon Half
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Re: Transfer of Shares Upon Death
AFAIK they can be transferred using a Stock Transfer form (after Probate has been granted)
https://www.rochelegal.co.uk/news/do-yo ... -business/
https://www.rochelegal.co.uk/news/do-yo ... -business/
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- Lemon Slice
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Re: Transfer of Shares Upon Death
I transferred my mums to my account. No cost, just needed probate to be complete.
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- Lemon Half
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Re: Transfer of Shares Upon Death
and here is a link to the transfer form
https://www.google.com/url?sa=t&rct=j&q ... wjK6-xNCjl
https://www.google.com/url?sa=t&rct=j&q ... wjK6-xNCjl
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- Lemon Quarter
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Re: Transfer of Shares Upon Death
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
It seems to be run by Equiniti whose fees are probably not avoidable
https://www.shareview.co.uk/4/Info/Port ... /Home.aspx
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- Lemon Quarter
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Re: Transfer of Shares Upon Death
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...
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