I live in Australia, but have shares in the UK. I inherited the shares so have no experience in buying/selling. How do I find a stockbroker who could sell the shares for me?

My father left me several shares with different companies, they are international shares and the dividends currently go into a UK bank account. As I live in Australia, I have been told that UK brokers won't sell them for me, and I seem to be having trouble finding an Australian broker who will sell them.

I am a bit confused to say the least. The shares are very diverse - e.g.: Vodafone, Rio Tinto, HSBC, RBS, International Hotels and more

  • What reason did they provide that they won't sell it for you? That makes no sense to me. If you're the only heir, you should be able to instruct them to sell and then have them transfer the money to your account (in Australia). Approach the bank first and find out what the problem is, if there even is any.
    – vic
    Dec 7 '15 at 8:17
  • This is what they sent me - Thank you for your recent communication. Dealing - Outside of jurisdiction We're sorry but we are unable to sell the shares on your behalf as you reside in a country where our dealing services are not available. You will need to contact a stockbroker in who can trade in UK listed stocks.
    – AFM
    Dec 7 '15 at 8:32
  • That was from Computershare
    – AFM
    Dec 7 '15 at 8:33
  • Frankly, I don't have enough (legal) experience with UK brokers but this does indeed seem strange to me. I don't understand why Computershare needs dealing services in Australia in order to sell UK stocks held on a UK account. If I were you, I would be a bit more insistent and asking them to explain, in detail, what their problem is.It might be easier to just try Interactivebrokers, they have UK web site. You could open an account with them, transfer the shares to them and then sell. But don't rely on my word only, hopefully someone more knowledgable in UK regulations will reply.
    – vic
    Dec 7 '15 at 11:49
  • 1
    Are the shares in paper format or in electronic format ??
    – DumbCoder
    Dec 7 '15 at 14:22

Quote from OP in comments (converted to answer to make sure it's not lost in case people have similar problems in the future):

I have found out that I need to change the shares from paper to electronic, open an international account and then work with an Australian broker.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.